Bank of New York Mellon Corp Has $6.36 Million Position in CleanSpark, Inc. (NASDAQ:CLSK)

Bank of New York Mellon Corp lowered its stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 2.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 689,960 shares of the company’s stock after selling 17,393 shares during the quarter. Bank of New York Mellon Corp owned about 0.25% of CleanSpark worth $6,355,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. FMR LLC lifted its position in CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the period. Victory Capital Management Inc. increased its stake in shares of CleanSpark by 2.6% in the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after buying an additional 1,709 shares in the last quarter. Sigma Planning Corp increased its position in CleanSpark by 11.9% in the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock worth $161,000 after purchasing an additional 1,865 shares during the period. KBC Group NV increased its position in CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares during the period. Finally, Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the fourth quarter worth about $31,000. 43.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. reduced their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday. Needham & Company LLC began coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $21.63.

CleanSpark Price Performance

CLSK opened at $7.97 on Monday. The business has a fifty day simple moving average of $9.88 and a 200 day simple moving average of $10.84. The company has a market capitalization of $2.24 billion, a PE ratio of 72.46 and a beta of 4.20. CleanSpark, Inc. has a 1 year low of $7.22 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share 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%. Equities analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 3,059,326 shares in the company, 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 through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction dated 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 directly owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by company 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.