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

CleanSpark, Inc. (NASDAQ:CLSK) has earned a consensus rating of “Buy” from the seven research firms that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $21.57.

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

Insider Transactions at CleanSpark

In related news, Director Amanda Cavaleri sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This trade represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s 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 $95,866.40. Following the completion of the transaction, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,186 shares of company stock valued at $349,985. Corporate insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark during the 4th quarter worth about $31,000. GAMMA Investing LLC boosted its holdings in CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after acquiring an additional 2,196 shares in the last quarter. KBC Group NV grew its stake in CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the period. Finally, R Squared Ltd bought a new stake in shares of CleanSpark during the fourth quarter valued at approximately $101,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

CleanSpark Stock Performance

NASDAQ CLSK opened at $8.73 on Wednesday. The firm’s fifty day moving average price is $9.55 and its two-hundred day moving average price is $10.77. The stock has a market cap of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20. CleanSpark has a fifty-two week low of $7.22 and a fifty-two week high of $24.72.

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

About CleanSpark

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.