Monnig Taylor, the Chief Technology Officer of CleanSpark , Inc. (NASDAQ:CLSK), recently sold a portion of the company's common stock. The transaction comes as the company's shares have surged approximately 130% over the past year, according to InvestingPro data. According to a recent SEC filing, Taylor sold 1,350 shares at a price of $14.35 per share, totaling approximately $19,372. Following this transaction, Taylor retains ownership of 202,870 shares in CleanSpark, now valued at $3.7 billion by market capitalization. This sale was executed under a Rule 10b5-1 trading plan, which was adopted on December 21, 2023. While the stock currently appears fairly valued based on InvestingPro Fair Value analysis, analysts maintain price targets ranging from $10.50 to $30.00, with expectations for profitability in the current year. For deeper insights into CLSK's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, CleanSpark Inc. reported a 32% increase in its October bitcoin mining yield, reaching a total of 655 bitcoins. The company has also completed the acquisition of GRIID Infrastructure Inc., a move expected to expand its operational capacity in Tennessee. As part of this transaction, CleanSpark has increased its authorized common stock from 300 million to 600 million.
CleanSpark, known for its sustainable Bitcoin mining operations, recently resumed trading on the Nasdaq exchange after a temporary halt due to a clerical error concerning outstanding warrants. The company emphasized that this halt was procedural and did not impact its operations or financial condition.
Several analyst firms have reacted to these developments, with Macquarie upgrading CleanSpark's stock to an Outperform rating, while H.C. Wainwright and Cantor Fitzgerald maintained their positive ratings. CleanSpark also announced the promotion of Brian Carson to the position of Chief Accounting Officer.
In addition to these developments, CleanSpark is constructing two bitcoin mining data centers in Cheyenne, Wyoming, and two additional sites near Clinton, Mississippi. These recent developments underscore CleanSpark's commitment to supporting bitcoin infrastructure in an environmentally responsible manner.
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