CleanSpark (NASDAQ:CLSK) Upgraded at Chardan Capital

Chardan Capital upgraded shares of CleanSpark (NASDAQ:CLSK) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. decreased their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Macquarie lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC initiated coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, CleanSpark presently has an average rating of “Buy” and an average price target of $21.57.

CleanSpark Stock Performance

NASDAQ:CLSK opened at $8.12 on Monday. The company has a market capitalization of $2.28 billion, a PE ratio of 73.82 and a beta of 4.20. CleanSpark has a fifty-two week low of $7.22 and a fifty-two week high of $24.72. The company has a 50 day simple moving average of $9.49 and a two-hundred day simple moving average of $10.75.

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

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was 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 $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,186 shares of company stock worth $349,985 over the last three months. 2.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the fourth quarter valued at about $31,000. GAMMA Investing LLC increased its stake in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. increased its stake in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after buying an additional 2,196 shares during the last quarter. KBC Group NV lifted its position in shares of CleanSpark by 36.5% during the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after buying an additional 2,700 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of CleanSpark in the 4th quarter worth approximately $101,000. 43.12% of the stock is currently owned by institutional investors.

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.