The Vanguard Group, Inc. recently announced the acquisition of new stake in CleanSpark Inc. (NASDAQ:CLSK). The institutional investor has increased its shareholding in the Financial company by 48.67% to 6.1 million shares with purchase of 2.0 million shares. This fresh investment now brings its stake to 3.99% valued currently at $30.05 million. In addition, BlackRock Fund Advisors raised its holdings by 1.3 million to 5.89 million shares. And SSgA Funds Management, Inc. has lifted its position by 124.56% or 3.09 million shares – to 5.56 million shares.
With over 12.69 million CleanSpark Inc. (CLSK) shares trading Monday and a closing price of $4.51 on the day, the dollar volume was approximately $57.25 million. The shares have shown a positive half year performance of 84.08% and its price on 09/18/23 gained nearly 2.04%. Currently, there are 152.64M common shares owned by the public and among those 149.03M shares have been available to trade.
Top 5 EV Tech Stocks to Buy for 2023
The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".
Click Here to Download the FREE Report.
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for CLSK have a consensus price objective of $11.25. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $10.00. The average price target is 59.91% above its recent price level and an upside to the estimated low will see the stock gain 54.9% over that period. But an upside of 67.79% will see the stock hit the forecast high price target while median target price for the stock is $10.50.
Insiders at the company have transacted a total of 41 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 2,676,378 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 934,477 shares.
The top 3 mutual fund holders in CleanSpark Inc. are Vanguard Total Stock Market ETF, Amplify Transformational Data Sha, and Invesco Mkts. II Plc – CoinShares. Vanguard Total Stock Market ETF owns 4.0 million shares of the company’s stock, all valued at over $19.72 million. Invesco Mkts. II Plc – CoinShares sold 47696.0 shares to bring its total holdings to over 3.61 million shares at a value of $17.81 million. Invesco Mkts. II Plc – CoinShares now owns shares totaling to 2.37% of the shares outstanding.
Shares of CleanSpark Inc. (NASDAQ: CLSK) opened at $4.66, up $0.24 from a prior closing price of $4.42. However, the script later moved the day high at 4.8400, up 2.04%. The company’s stock has a 5-day price change of 7.64% and 16.24% over the past three months. CLSK shares are trading 121.08% year to date (YTD), with the 12-month market performance up to 11.36% higher. It has a 12-month low price of $1.74 and touched a high of $7.60 over the same period. CLSK has an average intraday trading volume of 11.52 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.32%, -18.63%, and 18.80% respectively.
Institutional ownership of CleanSpark Inc. (NASDAQ: CLSK) shares accounts for 30.50% of the company’s 152.64M shares outstanding. Mutual fund holders own 19.52%, while other institutional holders and individual stakeholders account for 4.86% and 15.04% respectively.
It has a market capitalization of $721.10M and a beta (3y monthly) value of 3.30. The earnings-per-share (ttm) stands at -$1.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.37% over the week and 8.39% over the month.
Analysts forecast that CleanSpark Inc. (CLSK) will achieve an EPS of $Celestica, Inc. for the current quarter, $22.75 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Clearside Biomedical, Inc. while analysts give the company a high EPS estimate of $Columbia Financial, Inc.. Comparatively, EPS for the current quarter was $Catalyst Bancorp, Inc. a year ago. Earnings per share for the fiscal year are expected to decrease by -232.20%, and 81.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate CleanSpark Inc. (CLSK) as a “Strong Buy” at a consensus score of 1.70. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CLSK, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on December 09, 2022, with the firm’s price target at $5.
