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

CleanSpark, Inc. (NASDAQ:CLSK) has received an average recommendation of “Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $20.71.

A number of equities research analysts recently issued reports on the company. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Chardan Capital began coverage on CleanSpark in a research report on Wednesday, May 21st. They issued a “buy” rating and a $20.00 price objective on the stock. 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 report on Thursday, March 13th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th.

Insider Buying and Selling at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now owns 125,511 shares in the company, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC lifted its stake in shares of CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the last quarter. KBC Group NV lifted its position in shares of CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after buying an additional 2,700 shares during the last quarter. Archer Investment Management LLC purchased a new stake in shares of CleanSpark during the fourth quarter valued at about $122,000. Money Concepts Capital Corp boosted its holdings in shares of CleanSpark by 19.7% in the 4th quarter. Money Concepts Capital Corp now owns 51,571 shares of the company’s stock valued at $475,000 after buying an additional 8,487 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of CleanSpark by 40.0% in the 4th quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock worth $20,513,000 after buying an additional 636,511 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

CleanSpark Trading Down 1.7%

NASDAQ:CLSK opened at $8.63 on Monday. The stock has a 50-day moving average price of $8.38 and a 200 day moving average price of $9.91. The stock has a market capitalization of $2.42 billion, a P/E ratio of 78.46 and a beta of 4.36. CleanSpark has a 12-month low of $6.45 and a 12-month high of $20.64.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). The business had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. CleanSpark’s revenue for the quarter was up 62.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 EPS. On average, research analysts predict that CleanSpark will post 0.58 earnings per share for the current fiscal 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.