CleanSpark (NASDAQ:CLSK) Raised to “Strong-Buy” at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of CleanSpark (NASDAQ:CLSK) to a strong-buy rating in a report issued on Wednesday, Zacks.com reports.

Several other equities analysts have also recently weighed in on the company. Chardan Capital reiterated a buy rating and set a $26.00 price objective on shares of CleanSpark in a report on Monday, May 13th. HC Wainwright reissued a buy rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, May 10th. JPMorgan Chase & Co. dropped their target price on CleanSpark from $15.00 to $12.50 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Finally, BTIG Research lifted their target price on CleanSpark from $12.00 to $22.00 and gave the company a buy rating in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $19.97.

CleanSpark Stock Performance

Shares of CLSK opened at $17.71 on Wednesday. CleanSpark has a 1 year low of $3.38 and a 1 year high of $24.72. The stock’s 50-day moving average price is $16.74 and its two-hundred day moving average price is $14.35.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. The firm had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $111.11 million. On average, research analysts forecast that CleanSpark will post -0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the business’s 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 owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold 811,350 shares of company stock valued at $17,486,498 in the last 90 days. 3.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLSK. DekaBank Deutsche Girozentrale acquired a new position in shares of CleanSpark during the 3rd quarter worth approximately $30,000. American Capital Advisory LLC acquired a new position in shares of CleanSpark during the 1st quarter worth approximately $32,000. VitalStone Financial LLC increased its holdings in shares of CleanSpark by 952.7% during the 3rd quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock worth $33,000 after acquiring an additional 8,050 shares during the last quarter. Tucker Asset Management LLC acquired a new position in shares of CleanSpark during the 3rd quarter worth approximately $38,000. Finally, Scotia Capital Inc. acquired a new position in shares of CleanSpark during the 3rd quarter worth approximately $39,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.