CleanSpark, Inc. (NASDAQ:CLSK) Given Consensus Rating of “Buy” by Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has been given a consensus rating of “Buy” by the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $22.25.

Several analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Needham & Company LLC started coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company.

CleanSpark Trading Up 6.4 %

Shares of NASDAQ CLSK opened at $7.99 on Friday. CleanSpark has a 12 month low of $7.36 and a 12 month high of $24.72. The stock has a 50 day moving average of $10.32 and a 200-day moving average of $11.12. The company has a market capitalization of $2.24 billion, a P/E ratio of 72.64 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Analysts predict that CleanSpark will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction 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 directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,186 shares of company stock valued at $246,375 in the last three months. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. Compagnie Lombard Odier SCmA acquired a new position in shares of CleanSpark during the 4th quarter worth $31,000. GAMMA Investing LLC raised its holdings in shares of 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 buying an additional 3,579 shares in the last quarter. Hollencrest Capital Management raised its holdings in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. grew its position 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 acquiring an additional 2,196 shares during the last quarter. Finally, KBC Group NV grew its position in CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.