Truist Financial Corp Acquires 30,730 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Truist Financial Corp boosted its position in CleanSpark, Inc. (NASDAQ:CLSK) by 58.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 83,371 shares of the company’s stock after buying an additional 30,730 shares during the quarter. Truist Financial Corp’s holdings in CleanSpark were worth $768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. DekaBank Deutsche Girozentrale lifted its stake in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the last quarter. Realta Investment Advisors bought a new stake in shares of CleanSpark in the 3rd quarter valued at about $137,000. Van ECK Associates Corp increased its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after purchasing an additional 620,792 shares during the period. Clarity Capital Partners LLC increased its holdings in CleanSpark by 100.8% during the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after purchasing an additional 87,891 shares during the period. Finally, United Advisor Group LLC purchased a new position in CleanSpark during the 3rd quarter valued at about $235,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,186 shares of company stock valued at $246,375 over the last quarter. Corporate insiders own 2.65% of the company’s stock.

CleanSpark Stock Performance

Shares of CLSK stock opened at $7.99 on Friday. The firm’s 50 day moving average price is $10.26 and its 200-day moving average price is $11.10. CleanSpark, Inc. has a one year low of $7.36 and a one year high of $24.72. The firm has a market cap of $2.24 billion, a P/E ratio of 72.64 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK) last announced its quarterly 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 net margin of 16.07% and a negative return on equity of 2.61%. As a group, research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on CLSK. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Macquarie increased their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.25.

CleanSpark Profile

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.