CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 100,000 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 50.0% in the third quarter, HoldingsChannel reports. The firm owned 300,000 shares of the company’s stock after buying an additional 100,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in CleanSpark were worth $2,802,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. National Bank of Canada FI raised its stake in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of CleanSpark during the second quarter valued at approximately $48,000. Russell Investments Group Ltd. lifted its holdings in shares of CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after purchasing an additional 787 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of CleanSpark during the first quarter valued at approximately $109,000. Finally, Doliver Advisors LP bought a new stake in shares of CleanSpark in the 3rd quarter worth approximately $117,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Insider Transactions at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 26,272 shares of company stock worth $256,874 in the last ninety days. Insiders own 3.46% of the company’s stock.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded down $0.58 during trading on Tuesday, reaching $12.11. 23,914,246 shares of the company traded hands, compared to its average volume of 29,914,600. The firm has a 50 day simple moving average of $10.15 and a 200-day simple moving average of $14.23. CleanSpark, Inc. has a 52-week low of $3.46 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. As a group, analysts anticipate that CleanSpark, Inc. will post -0.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie initiated coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. JPMorgan Chase & Co. cut their price objective 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, CleanSpark has a consensus rating of “Moderate Buy” and an average price target of $19.11.

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.