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

CleanSpark, Inc. (NASDAQ:CLSK) has been assigned an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $19.22.

Several equities research analysts have weighed in on the stock. Chardan Capital raised their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Cantor Fitzgerald boosted their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. BTIG Research increased their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Finally, JPMorgan Chase & Co. upped their price target on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th.

Insider Activity

In related news, Chairman S. Matthew Schultz sold 367,000 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the sale, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock valued at $24,963,509 in the last 90 days. 3.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after buying an additional 3,235,171 shares during the period. Vanguard Group Inc. raised its position in shares of CleanSpark by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after purchasing an additional 515,314 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of CleanSpark by 119.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after purchasing an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of CleanSpark by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after purchasing an additional 142,078 shares during the period. Finally, Van ECK Associates Corp increased its stake in CleanSpark by 39.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock worth $4,573,000 after purchasing an additional 338,190 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Performance

NASDAQ CLSK opened at $19.23 on Friday. The stock’s 50 day simple moving average is $17.79 and its 200 day simple moving average is $11.37. CleanSpark has a one year low of $3.33 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The company had revenue of $73.79 million for the quarter, compared to analysts’ expectations of $66.06 million. As a group, equities research analysts forecast that CleanSpark will post -0.3 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.