CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Up 9.0% in October

CleanSpark, Inc. (NASDAQ:CLSK) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 50,390,000 shares, a growth of 9.0% from the September 30th total of 46,240,000 shares. Based on an average daily volume of 23,330,000 shares, the short-interest ratio is currently 2.2 days.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CLSK shares. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 25th. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Price Performance

Shares of CLSK traded down $1.45 during trading hours on Thursday, hitting $10.61. The company’s stock had a trading volume of 33,457,525 shares, compared to its average volume of 30,157,199. The business has a 50 day simple moving average of $10.21 and a two-hundred day simple moving average of $14.07. CleanSpark has a 52-week low of $3.46 and a 52-week high of $24.72.

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

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 26,272 shares of company stock valued at $250,003 over the last ninety days. Corporate insiders own 3.46% of the company’s stock.

Institutional Trading of CleanSpark

A number of hedge funds and other institutional investors have recently made changes to their positions in CLSK. National Bank of Canada FI boosted its stake in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares during the period. Hollencrest Capital Management purchased a new stake in shares of CleanSpark in the second quarter worth about $48,000. Russell Investments Group Ltd. boosted its position in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. DekaBank Deutsche Girozentrale grew its stake in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after acquiring an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP bought a new stake in CleanSpark during the 3rd quarter worth approximately $117,000. 43.12% of the stock is currently owned by institutional investors.

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.