Aquatic Capital Management LLC Invests $1.75 Million in CleanSpark, Inc. (NASDAQ:CLSK)

Aquatic Capital Management LLC bought a new position in shares of CleanSpark, Inc. (NASDAQ:CLSK) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 189,521 shares of the company’s stock, valued at approximately $1,745,000.

Several other hedge funds have also made changes to their positions in the business. Susquehanna Fundamental Investments LLC acquired a new stake in shares of CleanSpark during the fourth quarter worth about $115,000. Kovitz Investment Group Partners LLC boosted its stake in shares of CleanSpark by 26.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 233,029 shares of the company’s stock worth $2,146,000 after buying an additional 48,079 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of CleanSpark during the fourth quarter worth about $835,000. Price T Rowe Associates Inc. MD boosted its stake in shares of CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock worth $15,538,000 after buying an additional 1,536,145 shares during the period. Finally, Stifel Financial Corp boosted its stake in shares of CleanSpark by 0.5% during the fourth quarter. Stifel Financial Corp now owns 871,706 shares of the company’s stock worth $8,028,000 after buying an additional 4,684 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Trading Down 4.9 %

CLSK stock opened at $8.57 on Tuesday. The firm has a 50 day moving average of $7.94 and a 200-day moving average of $10.48. CleanSpark, Inc. has a 12-month low of $6.45 and a 12-month high of $20.64. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 77.92 and a beta of 4.12.

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

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the transaction, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,836 shares of company stock worth $335,945. Company insiders own 2.65% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research report on Monday, March 24th. Needham & Company LLC began coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $21.57.

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.