CleanSpark (NASDAQ:CLSK) Upgraded at Chardan Capital

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

CLSK has been the subject of a number of other reports. Keefe, Bruyette & Woods began coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. Needham & Company LLC initiated coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Trading Up 6.1 %

Shares of NASDAQ:CLSK opened at $8.67 on Tuesday. CleanSpark has a 52 week low of $6.45 and a 52 week high of $20.64. The company’s 50 day moving average is $7.89 and its two-hundred day moving average is $10.44. The company has a market cap of $2.43 billion, a PE ratio of 78.83 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) 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%. As a group, equities research analysts expect that CleanSpark will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In related news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the transaction, the director now owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the company’s 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 sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock worth $335,945 in the last 90 days. 2.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC grew its position in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after buying an additional 305,316 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of CleanSpark by 962.1% in 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 in the last quarter. Doliver Advisors LP increased its stake in shares of CleanSpark by 59.6% during the fourth quarter. Doliver Advisors LP now owns 20,000 shares of the company’s stock worth $184,000 after acquiring an additional 7,470 shares during the period. Assenagon Asset Management S.A. purchased a new position in CleanSpark during the fourth quarter worth about $39,940,000. Finally, Hennion & Walsh Asset Management Inc. lifted its position in CleanSpark by 121.9% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 46,323 shares of the company’s stock valued at $427,000 after purchasing an additional 25,444 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.