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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given an average rating of “Buy” by the seven ratings firms that are presently covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $21.57.

A number of research analysts have issued reports on CLSK shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. reduced their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Needham & Company LLC began coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Keefe, Bruyette & Woods began coverage on CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target on the stock.

Insider Buying and Selling

In related news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The stock was 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 represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,186 shares of company stock valued at $246,375 over the last ninety days. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company’s stock valued at $231,000 after buying an additional 1,170 shares during the period. Prudential Financial Inc. lifted its stake in CleanSpark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after buying an additional 1,405 shares during the period. Corebridge Financial Inc. lifted its stake in CleanSpark by 1.2% in the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after buying an additional 1,507 shares during the period. Victory Capital Management Inc. lifted its stake in CleanSpark by 2.6% in the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after buying an additional 1,709 shares during the period. Finally, Sigma Planning Corp lifted its stake in CleanSpark by 11.9% in the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after buying an additional 1,865 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

CleanSpark Stock Down 4.0 %

CleanSpark stock opened at $7.44 on Wednesday. CleanSpark has a 12-month low of $7.22 and a 12-month high of $24.72. The business’s 50-day moving average price is $9.61 and its two-hundred day moving average price is $10.76. The stock has a market cap of $2.09 billion, a PE ratio of 67.64 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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, analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

CleanSpark Company Profile

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.