Rhumbline Advisers Raises Position in CleanSpark, Inc. (NASDAQ:CLSK)

Rhumbline Advisers increased its stake in CleanSpark, Inc. (NASDAQ:CLSK) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 334,094 shares of the company’s stock after purchasing an additional 32,236 shares during the quarter. Rhumbline Advisers owned approximately 0.11% of CleanSpark worth $3,077,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark in the fourth quarter worth $31,000. GAMMA Investing LLC grew its stake in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares during the period. Hollencrest Capital Management increased its holdings in CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares during the last quarter. KBC Group NV raised its stake in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC started coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. Finally, Keefe, Bruyette & Woods started coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $22.25.

CleanSpark Price Performance

CLSK opened at $7.99 on Friday. The firm has a market capitalization of $2.24 billion, a P/E ratio of 72.64 and a beta of 4.24. CleanSpark, Inc. has a one year low of $7.36 and a one year high of $24.72. The company has a fifty day moving average price of $10.26 and a 200-day moving average price of $11.10.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity

In other news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by insiders.

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.