CleanSpark’s (CLSK) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a report issued on Monday, Benzinga reports. The firm currently has a $27.00 price objective on the stock.

A number of other brokerages have also recently commented on CLSK. BTIG Research upped their price target on CleanSpark from $12.00 to $22.00 and gave the company a buy rating in a research report on Tuesday, March 19th. Cantor Fitzgerald upped their price target on CleanSpark from $10.00 to $20.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Chardan Capital upped their price target on CleanSpark from $13.00 to $26.00 and gave the company a buy rating in a research report on Monday, March 4th. JPMorgan Chase & Co. increased their price objective on CleanSpark from $14.00 to $15.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Finally, TheStreet raised CleanSpark from a d rating to a c- rating in a report on Friday, February 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, CleanSpark presently has an average rating of Moderate Buy and an average price target of $19.22.

CleanSpark Trading Down 1.1 %

Shares of CleanSpark stock opened at $14.69 on Monday. The stock has a fifty day simple moving average of $17.11 and a 200 day simple moving average of $10.52. CleanSpark has a 12-month low of $3.33 and a 12-month high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The firm had revenue of $73.79 million for the quarter, compared to analysts’ expectations of $66.06 million. On average, research analysts anticipate that CleanSpark will post -0.3 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock valued at $24,963,509 in the last 90 days. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after purchasing an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. increased its stake in CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after purchasing an additional 515,314 shares during the period. BlackRock Inc. grew its holdings in shares of CleanSpark by 32.9% in the second quarter. BlackRock Inc. now owns 6,797,076 shares of the company’s stock worth $29,159,000 after purchasing an additional 1,682,954 shares during the last quarter. Finally, State Street Corp increased its stake in shares of CleanSpark by 124.6% in the second quarter. State Street Corp now owns 5,563,128 shares of the company’s stock worth $23,866,000 after buying an additional 3,085,789 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.