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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given a consensus recommendation of “Buy” by the seven research firms that are covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $20.83.

CLSK has been the subject of several research reports. Chardan Capital raised CleanSpark to a “strong-buy” rating in a report on Tuesday, April 29th. Needham & Company LLC started coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock.

Insider Transactions at CleanSpark

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. This trade represents a 8.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $335,945 over the last quarter. 2.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Barclays PLC increased its position in CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the last quarter. GAMMA Investing LLC increased its position in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in CleanSpark during the fourth quarter worth approximately $39,940,000. Hennion & Walsh Asset Management Inc. increased its position in CleanSpark by 121.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 46,323 shares of the company’s stock worth $427,000 after purchasing an additional 25,444 shares during the last quarter. Finally, Royal Fund Management LLC acquired a new position in CleanSpark during the fourth quarter worth approximately $147,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Performance

Shares of CLSK stock opened at $9.61 on Thursday. The stock has a fifty day moving average price of $8.04 and a 200 day moving average price of $10.25. The stock has a market cap of $2.70 billion, a PE ratio of 87.37 and a beta of 4.36. CleanSpark has a 1 year low of $6.45 and a 1 year high of $20.64.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business’s revenue for the quarter was up 62.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 earnings per share. As a group, equities research analysts predict 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.