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

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average recommendation of “Buy” by the seven analysts that are presently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $21.57.

CLSK has been the subject of several research reports. Needham & Company LLC assumed coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock.

CleanSpark Trading Down 0.7 %

Shares of CleanSpark stock opened at $8.03 on Thursday. The company’s fifty day simple moving average is $7.91 and its two-hundred day simple moving average is $10.34. CleanSpark has a 12-month low of $6.45 and a 12-month high of $20.64. The company has a market cap of $2.25 billion, a P/E ratio of 73.01 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK) last announced its quarterly 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%. Analysts predict that CleanSpark will post 0.58 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently made changes to their positions in the business. CX Institutional bought a new position in CleanSpark in the first quarter worth approximately $26,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the fourth quarter worth $31,000. GAMMA Investing LLC increased its stake in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after buying an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after acquiring an additional 2,196 shares in the last quarter. Finally, Truefg LLC purchased a new stake in CleanSpark during the 1st quarter valued at approximately $84,000. Institutional investors own 43.12% of the company’s stock.

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.