State of New Jersey Common Pension Fund D Has $1.37 Million Stake in CleanSpark, Inc. (NASDAQ:CLSK)

State of New Jersey Common Pension Fund D cut its stake in CleanSpark, Inc. (NASDAQ:CLSK) by 8.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 148,666 shares of the company’s stock after selling 14,457 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.05% of CleanSpark worth $1,369,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of CLSK. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark during the 4th quarter worth $31,000. GAMMA Investing LLC lifted its holdings in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after buying an additional 3,579 shares in the last quarter. Hollencrest Capital Management boosted its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the period. KBC Group NV grew its stake in CleanSpark by 42.0% during the third 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Performance

Shares of NASDAQ:CLSK opened at $8.15 on Wednesday. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 74.10 and a beta of 4.25. The business has a 50-day simple moving average of $10.46 and a two-hundred day simple moving average of $11.17. CleanSpark, Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 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 value of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,536 shares of company stock worth $265,748. Corporate insiders own 2.65% of the company’s stock.

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.