CleanSpark, Inc. (NASDAQ:CLSK) Receives Average Rating of “Moderate Buy” from Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $19.11.

CLSK has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. Finally, Macquarie assumed coverage on CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company.

Insiders Place Their Bets

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 26,272 shares of company stock valued at $256,874. Insiders own 3.46% of the company’s stock.

Institutional Trading of CleanSpark

Several hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in CleanSpark by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after acquiring an additional 142,078 shares during the last quarter. Scotia Capital Inc. lifted its stake in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after purchasing an additional 1,500 shares during the last quarter. Copperwynd Financial LLC purchased a new position in shares of CleanSpark during the 4th quarter worth $112,000. Intrinsic Edge Capital Management LLC increased its position in shares of CleanSpark by 53.3% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 230,000 shares of the company’s stock worth $2,537,000 after purchasing an additional 80,000 shares during the last quarter. Finally, VitalStone Financial LLC raised its holdings in CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after buying an additional 1,930 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Trading Up 0.4 %

Shares of CLSK stock opened at $10.13 on Wednesday. CleanSpark has a 12-month low of $3.38 and a 12-month high of $24.72. The business’s 50 day moving average is $11.57 and its two-hundred day moving average is $15.27.

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