Highbridge Capital Management LLC Takes Position in CleanSpark, Inc. (NASDAQ:CLSK)

Highbridge Capital Management LLC bought a new position in shares of CleanSpark, Inc. (NASDAQ:CLSK) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 52,195 shares of the company’s stock, valued at approximately $481,000.

Several other large investors have also made changes to their positions in CLSK. Assenagon Asset Management S.A. acquired a new stake in CleanSpark in the fourth quarter worth about $39,940,000. Van ECK Associates Corp boosted its stake in shares of CleanSpark by 40.0% in the 4th quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock valued at $20,513,000 after purchasing an additional 636,511 shares during the last quarter. Geode Capital Management LLC grew its position in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the period. Vanguard Group Inc. raised its stake in shares of CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after buying an additional 495,367 shares during the last quarter. Finally, Barclays PLC lifted its holdings in CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after buying an additional 305,316 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Performance

Shares of CLSK opened at $7.84 on Friday. The firm has a market capitalization of $2.20 billion, a PE ratio of 71.28 and a beta of 4.20. The stock has a 50 day simple moving average of $9.42 and a 200 day simple moving average of $10.73. CleanSpark, Inc. has a 52-week low of $7.22 and a 52-week high of $24.10.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Equities research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods began coverage on CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective for the company. Chardan Capital raised CleanSpark to a “strong-buy” rating in a research note on Monday. Needham & Company LLC began coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $21.57.

Insiders Place Their Bets

In other news, CEO Zachary Bradford sold 10,533 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the 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 transaction, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,836 shares of company stock worth $335,945. Corporate insiders own 2.65% of the company’s stock.

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.