BlackRock Fund Advisors recently announced the acquisition of new stake in Cleanspark Inc (NASDAQ:CLSK). The institutional investor has increased its shareholding in the Financial company by 39.45% to 8.22 million shares with purchase of 2.32 million shares. This fresh investment now brings its stake to 4.45% valued currently at $90.62 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.22 million to 7.32 million shares. And SSgA Funds Management, Inc. has lifted its position by 9.39% or 0.52 million shares – to 6.09 million shares.
With over 27.34 million Cleanspark Inc (CLSK) shares trading Friday and a closing price of $8.14 on the day, the dollar volume was approximately $222.52 million. The shares have shown a positive half year performance of 17.97% and its price on 01/12/24 lost nearly -12.10%. Currently, there are 184.75M common shares owned by the public and among those 176.80M shares have been available to trade.
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Insiders at the company have transacted a total of 55 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 2,894,972 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 1,464,502 shares.
The top 3 mutual fund holders in Cleanspark Inc are Invesco Mkts. II Plc – CoinShares, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Invesco Mkts. II Plc – CoinShares owns 5.11 million shares of the company’s stock, all valued at over $56.35 million. iShares Russell 2000 ETF sold 10746.0 shares to bring its total holdings to over 4.06 million shares at a value of $44.76 million. iShares Russell 2000 ETF now owns shares totaling to 2.20% of the shares outstanding.
Shares of Cleanspark Inc (NASDAQ: CLSK) opened at $9.01, down -$0.25 from a prior closing price of $9.26. However, the script later moved the day high at 9.09, down -12.10%. The company’s stock has a 5-day price change of -20.27% and 128.01% over the past three months. CLSK shares are trading -26.20% year to date (YTD), with the 12-month market performance up to 239.17% higher. It has a 12-month low price of $2.04 and touched a high of $13.56 over the same period. CLSK has an average intraday trading volume of 23.65 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 -25.74%, 3.63%, and 52.48% respectively.
Institutional ownership of Cleanspark Inc (NASDAQ: CLSK) shares accounts for 36.71% of the company’s 184.75M shares outstanding. Mutual fund holders own 25.71%, while other institutional holders and individual stakeholders account for 4.49% and 11.80% respectively.
It has a market capitalization of $1.50B and a beta (3y monthly) value of 3.85. The earnings-per-share (ttm) stands at -$1.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 15.95% over the week and 12.84% over the month.
Analysts forecast that Cleanspark Inc (CLSK) will achieve an EPS of -$0.22 for the current quarter, -$0.1 for the next quarter and -$0.22 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.31 while analysts give the company a high EPS estimate of -$0.07. Comparatively, EPS for the current quarter was -$0.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -496.66%, and 65.78% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Cleanspark Inc (CLSK) as a “Strong Buy” at a consensus score of 1.50. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 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. JP Morgan stated their Neutral rating for the stock in a research note on December 08, 2023, with the firm’s price target at $9-$8.
