CleanSpark (NASDAQ:CLSK) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a report released on Wednesday, Benzinga reports. They currently have a $27.00 price target on the stock.

Several other equities analysts have also weighed in on CLSK. Cantor Fitzgerald reiterated an overweight rating and set a $23.00 price objective on shares of CleanSpark in a report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their price target on CleanSpark from $12.50 to $10.50 and set a neutral rating on the stock in a research note on Friday, August 23rd. Finally, Macquarie started coverage on CleanSpark in a research note on Wednesday. They issued an outperform rating and a $20.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $19.11.

CleanSpark Stock Up 0.4 %

NASDAQ CLSK opened at $10.13 on Wednesday. The business has a 50 day simple moving average of $11.57 and a 200 day simple moving average of $15.28. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The company had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. On average, equities analysts predict that CleanSpark will post -0.06 EPS for the current year.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 26,272 shares of company stock worth $256,874. 3.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in CleanSpark in the 2nd quarter worth approximately $286,000. SRN Advisors LLC boosted its stake in shares of CleanSpark by 138.7% in the 2nd quarter. SRN Advisors LLC now owns 158,144 shares of the company’s stock valued at $2,522,000 after purchasing an additional 91,886 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of CleanSpark by 84.8% during the 2nd quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock valued at $1,994,000 after purchasing an additional 57,354 shares during the last quarter. Granite Bay Wealth Management LLC purchased a new position in CleanSpark in the 2nd quarter worth $1,563,000. Finally, Senator Investment Group LP bought a new stake in CleanSpark in the second quarter worth $1,148,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.