CleanSpark, Inc. (NASDAQ:CLSK) Shares Acquired by Tobam

Tobam increased its stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 10.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 36,795 shares of the company’s stock after buying an additional 3,624 shares during the quarter. Tobam’s holdings in CleanSpark were worth $247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. CX Institutional acquired a new position in CleanSpark in the 1st quarter worth approximately $26,000. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark during the 4th quarter valued at approximately $31,000. Russell Investments Group Ltd. boosted its holdings in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after acquiring an additional 2,196 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of CleanSpark by 207.8% in the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company’s stock worth $82,000 after acquiring an additional 8,212 shares during the period. Finally, Truefg LLC acquired a new stake in shares of CleanSpark in the first quarter worth $84,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CLSK. JPMorgan Chase & Co. boosted their target price on shares of CleanSpark from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday. Chardan Capital assumed coverage on CleanSpark in a research note on Wednesday, May 21st. They set a “buy” rating and a $20.00 price objective for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has a consensus rating of “Buy” and an average price target of $21.00.

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.65% of the company’s stock.

CleanSpark Price Performance

CLSK opened at $9.30 on Friday. The firm has a fifty day moving average price of $8.80 and a 200 day moving average price of $9.66. CleanSpark, Inc. has a 1 year low of $6.45 and a 1 year high of $20.64. The stock has a market cap of $2.61 billion, a P/E ratio of 84.55 and a beta of 4.23.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to analysts’ expectations of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The firm’s quarterly revenue was up 62.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 EPS. Equities analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current year.

About CleanSpark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.