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

Cleanspark, Inc. (NASDAQ:CLSK) has been assigned a consensus rating of “Buy” from the eight research firms that are currently covering the firm, Marketbeat.com reports. Eight analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have issued a report on the stock in the last year is $21.00.

A number of equities research analysts have recently weighed in on CLSK shares. JPMorgan Chase & Co. boosted their price objective on shares of Cleanspark from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, June 13th. BTIG Research reissued a “buy” rating on shares of Cleanspark in a report on Friday, June 13th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Cleanspark in a report on Wednesday.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director now directly owns 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently added to or reduced their stakes in the business. CX Institutional purchased a new stake in shares of Cleanspark during the 1st quarter worth about $26,000. Strs Ohio purchased a new stake in shares of Cleanspark during the 1st quarter worth about $38,000. Quarry LP purchased a new stake in shares of Cleanspark during the 1st quarter worth about $47,000. Russell Investments Group Ltd. boosted its stake in shares of Cleanspark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after acquiring an additional 2,196 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Cleanspark during the 1st quarter worth about $68,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Cleanspark Price Performance

Shares of CLSK opened at $10.81 on Friday. The firm has a market capitalization of $3.04 billion, a PE ratio of -11.26 and a beta of 4.23. Cleanspark has a 1-year low of $6.45 and a 1-year high of $20.49. The company’s fifty day moving average price is $9.20 and its 200-day moving average price is $9.37.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The company had revenue of $181.71 million for the quarter, compared to analysts’ expectations of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. Cleanspark’s quarterly revenue was up 62.5% compared to the same quarter last year. During the same period last year, the firm earned $0.59 earnings per share. As a group, research analysts anticipate that Cleanspark will post 0.58 EPS for the current fiscal year.

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.