CleanSpark, Inc. (NASDAQ:CLSK) Receives $22.25 Consensus Target Price from Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has received a consensus recommendation of “Buy” from the eight research firms that are presently covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $22.25.

A number of brokerages recently commented on CLSK. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Macquarie upped their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company.

CleanSpark Price Performance

Shares of NASDAQ:CLSK opened at $7.88 on Friday. CleanSpark has a 1 year low of $7.70 and a 1 year high of $24.72. The firm has a market capitalization of $2.21 billion, a PE ratio of 71.64 and a beta of 4.25. The business’s 50 day moving average price is $10.46 and its 200-day moving average price is $11.17.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

Insider Activity

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the business’s 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 sale, the chief executive officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction 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 transaction, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,536 shares of company stock valued at $265,748. Company insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in the business. United Advisor Group LLC increased its position in shares of CleanSpark by 144.4% during the fourth quarter. United Advisor Group LLC now owns 61,550 shares of the company’s stock worth $567,000 after acquiring an additional 36,370 shares during the period. Mackenzie Financial Corp grew its stake in CleanSpark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock worth $147,000 after purchasing an additional 1,898 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CleanSpark by 22.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 512,765 shares of the company’s stock worth $4,723,000 after purchasing an additional 93,086 shares in the last quarter. Tidal Investments LLC increased its holdings in CleanSpark by 50.8% during the 4th quarter. Tidal Investments LLC now owns 2,394,779 shares of the company’s stock worth $22,056,000 after purchasing an additional 806,435 shares during the period. Finally, Sherbrooke Park Advisers LLC acquired a new stake in CleanSpark in the 4th quarter valued at about $320,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.