CleanSpark (NASDAQ:CLSK) Stock Rating Reaffirmed by HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $27.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 167.59% from the company’s previous close.

CLSK has been the subject of several other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. Macquarie initiated coverage on shares of CleanSpark in a research note on Wednesday. They set an “outperform” rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.11.

CleanSpark Trading Up 8.0 %

CleanSpark stock opened at $10.09 on Wednesday. CleanSpark has a twelve month low of $3.38 and a twelve month high of $24.72. The firm’s 50 day moving average price is $11.73 and its two-hundred day moving average price is $15.32.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The company had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. As a group, sell-side analysts expect that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 24,922 shares of company stock worth $242,780 in the last quarter. 3.46% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

Hedge funds have recently added to or reduced their stakes in the business. American Capital Advisory LLC acquired a new position in shares of CleanSpark during the first quarter worth approximately $32,000. National Bank of Canada FI boosted its holdings in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the period. Hollencrest Capital Management bought a new stake in CleanSpark in the 2nd quarter valued at $48,000. Russell Investments Group Ltd. grew its position in CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after purchasing an additional 787 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in shares of CleanSpark during the 1st quarter worth about $109,000. 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.