CleanSpark, Inc. (NASDAQ:CLSK) Given Average Rating of “Buy” by Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average recommendation of “Buy” by the seven ratings firms that are presently covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have issued a report on the stock in the last year is $21.57.

Several research analysts have recently commented on CLSK shares. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target on the stock.

Insiders Place Their Bets

In related news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,186 shares of company stock worth $349,985 in the last quarter. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of CleanSpark during the 3rd quarter worth approximately $374,000. Kovitz Investment Group Partners LLC lifted its stake in CleanSpark by 85.8% during the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after purchasing an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of CleanSpark in the 3rd quarter valued at $1,960,000. Finally, Intech Investment Management LLC acquired a new position in shares of CleanSpark during the 3rd quarter worth $674,000. 43.12% of the stock is owned by institutional investors.

CleanSpark Price Performance

Shares of CLSK stock opened at $8.73 on Wednesday. The company has a fifty day moving average price of $9.55 and a two-hundred day moving average price of $10.77. CleanSpark has a one year low of $7.22 and a one year high of $24.72. The stock has a market cap of $2.45 billion, a P/E ratio of 79.37 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, equities research analysts anticipate that CleanSpark will post 0.58 EPS for the current fiscal year.

CleanSpark Company Profile

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.