Northern Trust Corp Boosts Holdings in CleanSpark, Inc. (NASDAQ:CLSK)

Northern Trust Corp grew its stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 7.2% during the fourth quarter, HoldingsChannel reports. The firm owned 2,419,057 shares of the company’s stock after purchasing an additional 163,282 shares during the quarter. Northern Trust Corp’s holdings in CleanSpark were worth $22,280,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CLSK. Assenagon Asset Management S.A. purchased a new stake in CleanSpark in the fourth quarter worth about $39,940,000. Price T Rowe Associates Inc. MD lifted its stake in shares of CleanSpark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock valued at $15,538,000 after purchasing an additional 1,536,145 shares during the period. Jump Financial LLC purchased a new position in shares of CleanSpark in the 4th quarter valued at approximately $13,443,000. Shaolin Capital Management LLC bought a new stake in shares of CleanSpark during the fourth quarter valued at approximately $8,559,000. Finally, Invesco Ltd. grew its stake in CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after purchasing an additional 914,279 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. 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 objective for the company. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC assumed coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Finally, Chardan Capital raised CleanSpark to a “strong-buy” rating in a research report on Tuesday, April 29th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, CleanSpark currently has an average rating of “Buy” and an average target price of $21.57.

Insider Buying and Selling at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This trade represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now directly owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. This trade represents a 8.48% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,836 shares of company stock worth $335,945. Insiders own 2.65% of the company’s stock.

CleanSpark Stock Performance

Shares of CleanSpark stock opened at $9.62 on Tuesday. The stock has a market capitalization of $2.70 billion, a PE ratio of 87.46 and a beta of 4.36. CleanSpark, Inc. has a 52-week low of $6.45 and a 52-week high of $20.64. The company has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $10.25.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The firm had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. During the same period last year, the business earned $0.59 EPS. CleanSpark’s revenue was up 62.5% on a year-over-year basis. As a group, equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

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.