CleanSpark (NASDAQ:CLSK) Upgraded to “Strong-Buy” at Chardan Capital

Chardan Capital upgraded shares of CleanSpark (NASDAQ:CLSK) to a strong-buy rating in a report released on Monday,Zacks.com reports.

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

CleanSpark Stock Down 0.7 %

Shares of CLSK opened at $8.73 on Monday. CleanSpark has a 52-week low of $7.22 and a 52-week high of $24.72. The stock has a market cap of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20. The firm’s fifty day moving average is $9.55 and its two-hundred day moving average is $10.77.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, research analysts anticipate that CleanSpark will post 0.58 earnings per share for the current year.

Insider Activity 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 stock was 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 directly owns 140,289 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,186 shares of company stock valued at $349,985 in the last ninety days. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA purchased a new position in shares of CleanSpark during the fourth quarter worth approximately $31,000. GAMMA Investing LLC boosted its stake in CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares during the period. Russell Investments Group Ltd. boosted its stake in 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 purchasing an additional 2,196 shares during the period. KBC Group NV grew its position in CleanSpark by 36.5% during the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after purchasing an additional 2,700 shares during the last quarter. Finally, R Squared Ltd acquired a new position in CleanSpark in the fourth quarter valued at $101,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.