Cleanspark, Inc. (NASDAQ:CLSK) CEO and President, Zachary Bradford, has sold a significant portion of his holdings in the company, according to a recent SEC filing. Bradford offloaded 443,000 shares of common stock at an average price of $20.31 per share, bringing the total value of the transaction to approximately $8,997,330.
The sale took place on March 21, 2024, and was disclosed through a mandatory filing with the Securities and Exchange Commission. Following the transaction, Bradford retains a sizable stake in the company, with 2,795,863 shares of Cleanspark's common stock still under his direct ownership. Additionally, he holds indirect ownership through ZRB Holdings Inc., with 323,864 shares, and through his membership in BlueChip Advisors LLC, with 12,000 shares.
The reported average price represents a weighted average, suggesting that shares were sold at various prices within the $20.31 range. Investors and interested parties have the right to request detailed information about the exact prices at which the shares were sold.
It's noteworthy that the reported number of shares owned by Bradford following the transaction reflects an adjustment for 36,993 shares that were previously withheld for tax obligations related to the vesting of restricted stock units. This adjustment was reported in an earlier Form 4 filed on October 27, 2023, and does not represent additional sales.
Cleanspark, a company with a focus on finance services within the crypto asset space, has seen its stock traded on the NASDAQ under the ticker symbol CLSK. The CEO's recent stock sale is a transaction that market watchers and investors often monitor closely for insights into executive confidence and company performance.
Zachary Bradford's association with the company extends beyond his executive role; he is the sole shareholder of ZRB Holdings Inc. and has a pecuniary interest in BlueChip Advisors LLC. However, he disclaims beneficial ownership of the securities held by BlueChip Advisors LLC, except to the extent of his economic interest.
Investors looking to follow the changes in insider ownership can access the full details of such transactions through the SEC's EDGAR database, where Form 4 filings are publicly available.
InvestingPro Insights
Amid the news of CEO Zachary Bradford's significant stock sale, Cleanspark Inc. (NASDAQ:CLSK) continues to exhibit robust market activity and growth potential according to recent data and analysis. The company's market capitalization stands at a solid $4.11 billion, with a notable revenue growth of 75.4% over the last twelve months as of Q1 2024. This growth is further underscored by an impressive quarterly revenue growth of 165.24% in Q1 2024, signaling strong sales performance.
Investors and analysts are keeping a close eye on the company's stock price movements, which have shown a remarkable return of 675.0% over the past year. This performance is consistent with the InvestingPro Tip that highlights Cleanspark's significant return over the last week, month, three months, and six months, with a one-week price total return of 19.16%. Such high returns may be a contributing factor to the CEO's decision to sell shares at this time.
Despite the company not being profitable over the last twelve months, as indicated by a negative P/E ratio of -32.93 and an adjusted P/E ratio of -54.37, Cleanspark's gross profit margin remains strong at 52.39%. This financial metric, coupled with the InvestingPro Tip that analysts anticipate sales growth in the current year, suggests that the company is successfully managing its revenue streams and could be on the path to future profitability.
For investors looking to delve deeper into Cleanspark's financial health and stock performance, there are additional InvestingPro Tips available. These tips provide insights on various aspects such as the company's level of debt, asset liquidity, and stock price volatility. To access these insights and make informed investment decisions, visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 additional InvestingPro Tips listed, investors can gain a comprehensive understanding of Cleanspark's market position and future prospects.
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