HC Wainwright Reaffirms Buy Rating for CleanSpark (NASDAQ:CLSK)

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a $27.00 price objective on the stock.

Several other equities analysts also recently weighed in on CLSK. TheStreet upgraded CleanSpark from a d rating to a c- rating in a research report on Friday, February 9th. Cantor Fitzgerald lifted their target price on shares of CleanSpark from $10.00 to $20.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. BTIG Research upped their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a buy rating in a report on Tuesday, March 19th. Chardan Capital raised their price target on shares of CleanSpark from $13.00 to $26.00 and gave the stock a buy rating in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a neutral rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CleanSpark has an average rating of Moderate Buy and an average price target of $19.22.

CleanSpark Price Performance

Shares of NASDAQ CLSK opened at $14.92 on Monday. The firm has a fifty day moving average of $17.34 and a 200 day moving average of $10.62. CleanSpark has a one year low of $3.33 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. The business had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. As a group, equities research analysts forecast that CleanSpark will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares in the company, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the transaction, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,169,620 shares of company stock worth $24,963,509. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently made changes to their positions in the stock. Scotia Capital Inc. boosted its position in shares of CleanSpark by 14.5% during the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after purchasing an additional 1,500 shares during the period. American International Group Inc. grew its stake in shares of CleanSpark by 8.9% in the first quarter. American International Group Inc. now owns 19,814 shares of the company’s stock valued at $245,000 after buying an additional 1,612 shares in the last quarter. VitalStone Financial LLC raised its holdings in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after buying an additional 1,930 shares during the period. Ameritas Investment Partners Inc. lifted its stake in CleanSpark by 60.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock worth $25,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in CleanSpark by 18.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,374 shares of the company’s stock valued at $46,000 after acquiring an additional 2,574 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.