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

Shares of CleanSpark, Inc. (NASDAQ:CLSKGet Free Report) 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.

Read Our Latest Research Report on CLSK

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:CLSKGet Free Report) 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

(Get Free Report

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.

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Analyst Recommendations for CleanSpark (NASDAQ:CLSK)

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