Van ECK Associates Corp Acquires 620,792 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Van ECK Associates Corp increased its holdings in CleanSpark, Inc. (NASDAQ:CLSK) by 64.0% in the third quarter, Holdings Channel.com reports. The firm owned 1,590,688 shares of the company’s stock after acquiring an additional 620,792 shares during the period. Van ECK Associates Corp’s holdings in CleanSpark were worth $14,857,000 at the end of the most recent quarter.

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

CleanSpark Price Performance

Shares of CleanSpark stock opened at $10.56 on Wednesday. The company’s fifty day simple moving average is $10.07 and its two-hundred day simple moving average is $13.92. CleanSpark, Inc. has a 12-month low of $3.46 and a 12-month high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $114.04 million. On average, equities analysts expect that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CLSK. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, CleanSpark has a consensus rating of “Moderate Buy” and an average target price of $21.42.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 26,272 shares of company stock worth $250,003. Company insiders own 2.99% of the company’s stock.

About CleanSpark

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.