CleanSpark (NASDAQ:CLSK) Upgraded at Chardan Capital

CleanSpark (NASDAQ:CLSK) was upgraded by Chardan Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

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

CleanSpark Stock Down 0.7 %

CLSK stock opened at $8.73 on Monday. CleanSpark has a twelve month low of $7.22 and a twelve month high of $24.72. The business’s 50-day simple moving average is $9.55 and its 200 day simple moving average is $10.77. The company has a market cap of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping 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%. On average, equities research analysts anticipate that CleanSpark will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the firm’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 transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 36,186 shares of company stock worth $349,985 in the last 90 days. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in CleanSpark by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after purchasing an additional 495,367 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after acquiring an additional 353,807 shares during the last quarter. State Street Corp boosted its stake in shares of CleanSpark by 4.5% during the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after purchasing an additional 261,195 shares during the period. Assenagon Asset Management S.A. bought a new position in CleanSpark in the 4th quarter worth about $39,940,000. Finally, Invesco Ltd. increased its holdings in CleanSpark by 44.2% during the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after purchasing an additional 914,279 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.