CleanSpark (NASDAQ:CLSK) Coverage Initiated by Analysts at Macquarie

Macquarie assumed coverage on shares of CleanSpark (NASDAQ:CLSK) in a research report sent to investors on Wednesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $20.00 target price on the stock.

Several other research firms also recently commented on CLSK. JPMorgan Chase & Co. cut their target price on CleanSpark from $12.50 to $10.50 and set a neutral rating for the company in a research report on Friday, August 23rd. Cantor Fitzgerald reissued an overweight rating and set a $23.00 price objective on shares of CleanSpark in a report on Tuesday, September 3rd. Finally, HC Wainwright reaffirmed a buy rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $19.11.

CleanSpark Stock Performance

Shares of CLSK stock opened at $10.13 on Wednesday. The firm has a fifty day moving average of $11.73 and a 200-day moving average of $15.32. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The business had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. Sell-side analysts expect that CleanSpark will post -0.06 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 26,272 shares of company stock worth $256,874. 3.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Vanguard Group Inc. raised its position in shares of CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of CleanSpark during the second quarter worth $18,074,000. Millennium Management LLC raised its position in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after acquiring an additional 534,825 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after acquiring an additional 215,124 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of CleanSpark by 21.5% during the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock worth $15,470,000 after acquiring an additional 171,627 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.