CleanSpark, Inc. (NASDAQ:CLSK) Given Consensus Recommendation of “Buy” by Analysts

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have earned a consensus rating of “Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $21.57.

Several research firms have recently commented on CLSK. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC began coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, March 13th.

Insider Buying and Selling

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were 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 approximately $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. Over the last ninety days, insiders sold 23,186 shares of company stock worth $246,375. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently made changes to their positions in CLSK. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark in the fourth quarter worth about $31,000. GAMMA Investing LLC increased its stake in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after acquiring an additional 3,579 shares during the period. Russell Investments Group Ltd. increased its stake in CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after acquiring an additional 2,196 shares during the period. KBC Group NV increased its stake in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the period. Finally, R Squared Ltd bought a new position in CleanSpark during the fourth quarter valued at about $101,000. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Stock Performance

NASDAQ:CLSK opened at $7.59 on Wednesday. CleanSpark has a one year low of $7.22 and a one year high of $24.72. The business’s 50-day simple moving average is $9.75 and its 200 day simple moving average is $10.80. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 69.01 and a beta of 4.20.

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

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.