Short Interest in CleanSpark, Inc. (NASDAQ:CLSK) Grows By 9.9%

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 55,380,000 shares, an increase of 9.9% from the October 15th total of 50,390,000 shares. Based on an average daily trading volume, of 24,000,000 shares, the days-to-cover ratio is currently 2.3 days.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 26,272 shares of company stock worth $250,003 over the last 90 days. 2.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of CleanSpark in the second quarter valued at approximately $18,074,000. Van ECK Associates Corp increased its position in CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Geode Capital Management LLC raised its holdings in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Down 3.5 %

CleanSpark stock traded down $0.49 during trading hours on Monday, reaching $13.54. 27,272,873 shares of the company were exchanged, compared to its average volume of 30,582,484. CleanSpark has a 12 month low of $4.04 and a 12 month high of $24.72. The stock has a 50-day moving average of $10.89 and a 200 day moving average of $13.70.

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.