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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given an average rating of “Buy” by the seven brokerages that are currently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $20.71.

Several equities analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Chardan Capital began coverage on shares of CleanSpark in a research note on Wednesday, May 21st. They set a “buy” rating and a $20.00 price target 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 for the company in a report on Thursday, March 13th. Finally, Needham & Company LLC assumed coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective for the company.

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director now owns 125,511 shares of the company’s stock, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently modified their holdings of CLSK. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark during the fourth quarter worth about $31,000. CX Institutional purchased a new stake in CleanSpark in the 1st quarter worth approximately $26,000. Strs Ohio acquired a new stake in shares of CleanSpark during the 1st quarter worth approximately $38,000. Russell Investments Group Ltd. increased its holdings in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after purchasing an additional 2,196 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of CleanSpark during the 1st quarter valued at approximately $47,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Price Performance

CleanSpark stock opened at $8.63 on Monday. CleanSpark has a 1-year low of $6.45 and a 1-year high of $20.64. The business has a fifty day moving average price of $8.38 and a 200-day moving average price of $9.91. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 78.46 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The business had revenue of $181.71 million during the quarter, compared to analysts’ expectations of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company’s quarterly revenue was up 62.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 earnings per share. On average, equities research analysts anticipate that CleanSpark will post 0.58 earnings per share 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.