Franklin Resources Inc. Boosts Stake in CleanSpark, Inc. (NASDAQ:CLSK)

Franklin Resources Inc. increased its holdings in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 58.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 119,679 shares of the company’s stock after buying an additional 44,251 shares during the period. Franklin Resources Inc.’s holdings in CleanSpark were worth $1,102,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CLSK. Alliancebernstein L.P. boosted its position in CleanSpark by 1.0% during the fourth quarter. Alliancebernstein L.P. now owns 285,305 shares of the company’s stock worth $2,628,000 after purchasing an additional 2,955 shares in the last quarter. Highbridge Capital Management LLC purchased a new position in shares of CleanSpark during the 4th quarter valued at approximately $481,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of CleanSpark by 89.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,342 shares of the company’s stock valued at $178,000 after buying an additional 9,117 shares in the last quarter. Prudential Financial Inc. grew its stake in CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after acquiring an additional 1,405 shares during the period. Finally, Corebridge Financial Inc. increased its holdings in CleanSpark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock worth $1,139,000 after acquiring an additional 1,507 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analysts Set New Price Targets

CLSK has been the topic of several recent analyst reports. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Needham & Company LLC started coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, CleanSpark has a consensus rating of “Buy” and a consensus price target of $21.57.

Insiders Place Their Bets

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark 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 transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock valued at $335,945 in the last three months. 2.65% of the stock is currently owned by insiders.

CleanSpark Trading Down 6.4 %

CLSK stock opened at $7.28 on Wednesday. The firm has a 50-day moving average of $8.36 and a two-hundred day moving average of $10.52. CleanSpark, Inc. has a 12 month low of $6.45 and a 12 month high of $21.39. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 66.19 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating 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%. As a group, equities analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

CleanSpark Company 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.