Chardan Capital Reaffirms “Buy” Rating for Cleanspark (NASDAQ:CLSK)

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by equities researchers at Chardan Capital in a note issued to investors on Wednesday,Benzinga reports. They presently have a $30.00 target price on the stock. Chardan Capital’s target price suggests a potential upside of 136.11% from the company’s previous close.

CLSK has been the subject of a number of other research reports. JPMorgan Chase & Co. raised Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Monday. HC Wainwright decreased their price objective on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday. Macquarie upped their price target on shares of Cleanspark from $20.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Needham & Company LLC increased their target price on Cleanspark from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cleanspark in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.93.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $12.71 on Wednesday. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 15.02 and a beta of 3.79. The firm’s 50 day simple moving average is $15.77 and its 200-day simple moving average is $12.27. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61.

Insider Transactions at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the sale, the chief operating officer directly owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. grew its position in shares of Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after purchasing an additional 937 shares during the last quarter. Quarry LP acquired a new stake in shares of Cleanspark during the third quarter worth $26,000. Salomon & Ludwin LLC purchased a new stake in shares of Cleanspark in the third quarter valued at $32,000. Morse Asset Management Inc purchased a new position in shares of Cleanspark during the 3rd quarter worth about $32,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cleanspark during the 2nd quarter valued at $29,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.