Short Interest in CleanSpark, Inc. (NASDAQ:CLSK) Rises By 8.7%

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 45,040,000 shares, an increase of 8.7% from the August 31st total of 41,420,000 shares. Based on an average daily trading volume, of 25,150,000 shares, the days-to-cover ratio is currently 1.8 days.

CleanSpark Price Performance

Shares of NASDAQ:CLSK traded down $0.72 during trading on Tuesday, reaching $8.62. 17,923,396 shares of the stock were exchanged, compared to its average volume of 30,212,326. The stock has a fifty day moving average of $11.40 and a two-hundred day moving average of $15.21. CleanSpark has a 1-year low of $3.38 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $114.04 million. Sell-side analysts forecast that CleanSpark will post -0.06 EPS for the current fiscal year.

Insider Activity at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 26,272 shares of company stock worth $256,874 in the last quarter. 3.46% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently modified their holdings of the business. Scotia Capital Inc. boosted its holdings in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after buying an additional 1,500 shares during the last quarter. Copperwynd Financial LLC bought a new position in shares of CleanSpark during the 4th quarter valued at approximately $112,000. Intrinsic Edge Capital Management LLC raised its holdings in shares of CleanSpark by 53.3% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 230,000 shares of the company’s stock worth $2,537,000 after purchasing an additional 80,000 shares during the period. VitalStone Financial LLC grew its holdings in CleanSpark by 21.7% during the fourth quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after purchasing an additional 1,930 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of CleanSpark by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after buying an additional 515,314 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analysts Set New Price Targets

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

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.