Macquarie Raises CleanSpark (NASDAQ:CLSK) Price Target to $24.00

CleanSpark (NASDAQ:CLSK) had its price target hoisted by equities research analysts at Macquarie from $20.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price target points to a potential upside of 72.29% from the stock’s previous close.

CLSK has been the subject of several other reports. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.08.

CleanSpark Stock Down 5.1 %

Shares of NASDAQ CLSK opened at $13.93 on Wednesday. The stock has a market capitalization of $3.53 billion, a PE ratio of -24.02 and a beta of 4.16. The firm has a fifty day moving average of $12.24 and a 200-day moving average of $13.53. CleanSpark has a 52-week low of $6.41 and a 52-week high of $24.72.

Insiders Place Their Bets

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. This represents a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 26,272 shares of company stock worth $254,836 in the last quarter. 2.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently modified their holdings of the stock. Quest Partners LLC acquired a new stake in shares of CleanSpark during the 3rd quarter valued at approximately $374,000. Quantbot Technologies LP bought a new position in shares of CleanSpark during the third quarter worth about $1,960,000. Clarity Capital Partners LLC boosted its stake in CleanSpark by 100.8% during the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after purchasing an additional 87,891 shares during the period. Intech Investment Management LLC acquired a new stake in shares of CleanSpark in the third quarter valued at approximately $674,000. Finally, SRN Advisors LLC boosted its position in shares of CleanSpark by 65.3% during the third quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after buying an additional 103,283 shares during the period. Institutional investors own 43.12% of the company’s stock.

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.