CleanSpark, Inc. (NASDAQ:CLSK) Receives $19.22 Average PT from Brokerages

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have earned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $19.22.

A number of equities research analysts have recently weighed in on CLSK shares. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Monday, April 15th. Cantor Fitzgerald raised their price objective on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Chardan Capital raised their price objective on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Finally, BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th.

CleanSpark Price Performance

Shares of CleanSpark stock opened at $16.15 on Friday. The stock has a 50-day moving average price of $17.77 and a 200 day moving average price of $11.81. CleanSpark has a 1 year low of $3.38 and a 1 year high of $24.72.

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

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the sale, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the sale, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark 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 sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Insiders have sold 1,169,620 shares of company stock valued at $24,963,509 in the last 90 days. 3.46% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Several institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new stake in shares of CleanSpark during the 1st quarter worth approximately $1,024,000. Tobam grew its holdings in shares of CleanSpark by 6.4% during the 1st quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after purchasing an additional 1,394 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of CleanSpark by 20.4% during the 1st quarter. Principal Financial Group Inc. now owns 22,511 shares of the company’s stock worth $477,000 after buying an additional 3,810 shares during the period. American Capital Advisory LLC bought a new position in shares of CleanSpark during the 1st quarter worth approximately $32,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in shares of CleanSpark during the 1st quarter worth approximately $3,818,000. Institutional investors and hedge funds 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.