CleanSpark’s (CLSK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a report issued on Wednesday morning, Benzinga reports. They currently have a $27.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. cut their price target on CleanSpark from $12.50 to $10.50 and set a neutral rating for the company in a research note on Friday, August 23rd. Cantor Fitzgerald reaffirmed an overweight rating and set a $23.00 price objective on shares of CleanSpark in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $18.97.

CleanSpark Stock Performance

CleanSpark stock opened at $9.38 on Wednesday. The business has a 50-day simple moving average of $13.08 and a two-hundred day simple moving average of $15.82. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72.

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

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 26,272 shares of company stock valued at $264,421 in the last ninety days. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Swiss National Bank lifted its holdings in CleanSpark by 21.3% in the 1st quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after purchasing an additional 64,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after purchasing an additional 515,314 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after purchasing an additional 3,235,171 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new position in CleanSpark in the 4th quarter worth approximately $331,000. Finally, Comerica Bank purchased a new stake in shares of CleanSpark during the 1st quarter worth approximately $1,894,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.