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

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research report report published on Wednesday, Benzinga reports. HC Wainwright currently has a $27.00 price objective on the stock.

Several other research firms have also weighed in on CLSK. JPMorgan Chase & Co. lowered their price objective 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 restated an overweight rating and issued a $23.00 target price on shares of CleanSpark in a research note on Tuesday, September 3rd. Finally, Macquarie started coverage on CleanSpark in a research note on Wednesday. They issued an outperform rating and a $20.00 target price for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, CleanSpark presently has a consensus rating of Moderate Buy and an average price target of $19.11.

CleanSpark Price Performance

CLSK stock opened at $10.13 on Wednesday. The stock has a 50-day moving average price of $11.73 and a 200-day moving average price of $15.32. 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 data on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. As a group, equities research analysts forecast that CleanSpark will post -0.06 earnings per share for the current year.

Insider Activity

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 26,272 shares of company stock worth $256,874 in the last three months. Company insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in CLSK. American Capital Advisory LLC acquired a new position in CleanSpark during the 1st quarter valued at about $32,000. National Bank of Canada FI boosted its stake in shares of CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares during the last quarter. Hollencrest Capital Management purchased a new position in shares of CleanSpark in the 2nd quarter worth approximately $48,000. Russell Investments Group Ltd. boosted its stake in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in shares of CleanSpark in the 1st quarter worth approximately $109,000. 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.