Cleanspark (NASDAQ:CLSK) Given “Buy” Rating at Chardan Capital

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating restated by analysts at Chardan Capital in a research note issued on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. Chardan Capital’s price objective would suggest a potential upside of 85.01% from the company’s previous close.

Other analysts also recently issued research reports about the stock. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a report on Friday, June 13th. JPMorgan Chase & Co. upped their price target on shares of Cleanspark from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, June 13th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $21.00.

Cleanspark Stock Up 2.0%

NASDAQ CLSK opened at $10.81 on Wednesday. The company has a market capitalization of $3.04 billion, a P/E ratio of -11.26 and a beta of 4.23. Cleanspark has a 12-month low of $6.45 and a 12-month high of $20.49. The firm has a 50-day moving average price of $9.20 and a two-hundred day moving average price of $9.37.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The firm had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. During the same period last year, the company posted $0.59 EPS. The business’s revenue was up 62.5% on a year-over-year basis. Equities analysts expect that Cleanspark will post 0.58 EPS for the current year.

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 50,000 shares of the company’s stock in a transaction that occurred 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 directly owns 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Vanguard Group Inc. increased its position in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after acquiring an additional 4,489,866 shares during the period. Price T Rowe Associates Inc. MD increased its position in Cleanspark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock valued at $15,538,000 after acquiring an additional 1,536,145 shares during the period. Jump Financial LLC acquired a new position in Cleanspark in the 4th quarter valued at approximately $13,443,000. Principal Financial Group Inc. increased its position in Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company’s stock valued at $9,327,000 after acquiring an additional 1,366,752 shares during the period. Finally, Nuveen LLC acquired a new position in Cleanspark in the 1st quarter valued at approximately $8,109,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.