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

CleanSpark, Inc. (NASDAQ:CLSK) has been given a consensus recommendation of “Buy” by the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have covered the stock in the last year is $22.25.

Several equities analysts have recently weighed in on CLSK shares. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Needham & Company LLC started coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 10,533 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 $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,536 shares of company stock valued at $265,748. 2.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently added to or reduced their stakes in the business. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark during the 4th quarter valued at $31,000. GAMMA Investing LLC lifted its holdings in shares of 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 buying an additional 3,579 shares in the last quarter. Hollencrest Capital Management lifted its holdings in shares of CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after buying an additional 2,196 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Performance

NASDAQ CLSK opened at $9.25 on Friday. The business has a 50 day simple moving average of $10.61 and a 200 day simple moving average of $11.22. CleanSpark has a 52-week low of $8.04 and a 52-week high of $24.72. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 84.05 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, 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.