Cleanspark CTO Monnig Taylor sells $21.6k in stock By Investing.com

Cleanspark, Inc. (NASDAQ:) reported that its Chief Technology Officer, Monnig Taylor, sold shares in the company on June 28, 2024. The transaction involved the sale of 1,350 shares of common stock at a weighted average price of $16.03, resulting in a total sale value of approximately $21,640.

The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to avoid accusations of trading on inside information. The shares were sold in multiple transactions at prices ranging from $16.03 to $16.04. Post-sale, Taylor’s remaining stake in the company consists of 213,702 shares of Cleanspark’s common stock.

Investors and the public can request detailed information about the exact number of shares sold at each price point within the reported range by contacting Cleanspark or the Securities and Exchange Commission as per the undertaking in the footnote of the SEC filing.

Cleanspark specializes in finance services within the crypto asset space and operates under the organization name 09 Crypto Assets. The company, which was formerly known as Stratean Inc. and SmartData Corp, is incorporated in Nevada and has its fiscal year-end on September 30.

The disclosed transaction reflects the ongoing financial activities of Cleanspark’s executives and provides the market with transparency regarding insider trades.

“In other recent news, CleanSpark Inc. has reported impressive earnings and revenue results, with a record-breaking Q2 revenue for fiscal year 2024 of $111.8 million, marking a 163% increase from the previous year. The company also reported a net income of $126.7 million, turning around its previous year’s net loss of $18.5 million. In terms of mergers and acquisitions, CleanSpark plans to finalize the acquisition of a site in Wyoming and has received building permits for its Dalton expansion. The company has also been acknowledged by analyst firm Cantor Fitzgerald, which initiated coverage on CleanSpark’s stock with an Overweight rating and a price target of $27.00, highlighting the company’s efficient mining fleet and strong liquidity position. In other company news, CleanSpark mined 417 bitcoins in May 2024, increasing its total bitcoin holdings to 6,154, and sold 2.43 bitcoins at an average price of approximately $59,000 per bitcoin. These recent developments underline CleanSpark’s ongoing growth and operational efficiency, with the company planning to increase its hashrate to 50 exahash per second by 2025.”

InvestingPro Insights

In light of the recent insider sale by Cleanspark, Inc.’s (NASDAQ:CLSK) Chief Technology Officer, Monnig Taylor, investors may be looking for additional metrics to gauge the company’s financial health and future prospects. According to InvestingPro, Cleanspark holds more cash than debt on its balance sheet, which can be a positive sign of financial stability. Additionally, analysts anticipate sales growth in the current year, suggesting potential for revenue expansion despite the insider sale.

Key InvestingPro Data metrics reveal that Cleanspark has a market capitalization of $3.73 billion USD and a Price/Earnings (P/E) ratio of 43.39, which reflects market sentiment about the company’s earnings potential. The company has experienced a significant revenue growth of 122.34% over the last twelve months as of Q2 2024, highlighting its rapid expansion in the finance services sector within the crypto asset space.

Moreover, Cleanspark’s stock has undergone considerable price movements, with a notable return of 274.41% over the last year, indicating robust investor confidence and market performance. The InvestingPro platform offers additional insights with several more tips available to help investors make informed decisions. For those interested in a deeper dive into Cleanspark’s financials and market position, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

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