Hollencrest Capital Management Buys Shares of 3,000 CleanSpark, Inc. (NASDAQ:CLSK)

Hollencrest Capital Management purchased a new position in CleanSpark, Inc. (NASDAQ:CLSK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,000 shares of the company’s stock, valued at approximately $48,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of CleanSpark by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after purchasing an additional 142,078 shares during the last quarter. Van ECK Associates Corp increased its position in shares of CleanSpark by 21.5% during the 2nd quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after purchasing an additional 171,627 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares in the last quarter. Finally, Shariaportfolio Inc. lifted its position in CleanSpark by 4.6% in the 2nd quarter. Shariaportfolio Inc. now owns 653,304 shares of the company’s stock worth $10,421,000 after buying an additional 28,767 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Tuesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. decreased their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, CleanSpark has a consensus rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Trading Down 0.4 %

NASDAQ:CLSK opened at $8.99 on Friday. CleanSpark, Inc. has a 52 week low of $3.38 and a 52 week high of $24.72. The company has a fifty day moving average of $12.45 and a 200 day moving average of $15.54.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, sell-side analysts predict that CleanSpark, Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 26,272 shares of company stock valued at $264,421 in the last 90 days. Insiders own 3.46% of the company’s stock.

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.