Cleanspark, Inc. (NASDAQ:CLSK) Stock Has Average Price Target of $20.71

Shares of Cleanspark, Inc. (NASDAQ:CLSK) have earned a consensus recommendation of “Moderate Buy” from the seventeen research firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $20.71.

Several equities research analysts have recently issued reports on CLSK shares. B. Riley Financial lowered their target price on shares of Cleanspark from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Needham & Company LLC raised their price target on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Canaccord Genuity Group assumed coverage on Cleanspark in a report on Thursday, October 22nd. They issued a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Cleanspark in a research note on Wednesday, November 4th. Finally, Keefe, Bruyette & Woods lowered shares of Cleanspark from an “outperform” rating to a “market perform” rating and set a $9.50 target price for the company. in a report on Wednesday, November 4th.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the transaction, the chief operating officer directly owned 236,114 shares in the company, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 33,151 shares of company stock worth $435,473. Corporate insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLSK. Dimensional Fund Advisors LP boosted its stake in shares of Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after buying an additional 6,323,715 shares during the period. Situational Awareness LP lifted its stake in Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after acquiring an additional 10,635,739 shares during the last quarter. Bank of America Corp DE grew its holdings in Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after acquiring an additional 849,865 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Cleanspark by 131.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 2,037,552 shares of the company’s stock worth $26,244,000 after acquiring an additional 1,155,958 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC increased its position in shares of Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock valued at $7,614,000 after purchasing an additional 770,000 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Stock Performance

Shares of NASDAQ CLSK opened at $6.91 on Monday. The company’s fifty day moving average price is $10.70 and its 200 day moving average price is $12.10. Cleanspark has a 1 year low of $5.53 and a 1 year high of $19.17. The company has a market capitalization of $1.77 billion, a PE ratio of -1.83 and a beta of 3.66. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91.

About Cleanspark

CleanSpark, Inc. is a U.S.-based bitcoin mining and data center company. It operates facilities equipped with specialized computers that help process transactions on the Bitcoin network and earn bitcoin through mining. The company’s roots are in energy technology, including microgrid and energy-management solutions. It shifted its primary focus to bitcoin mining in 2020 and has since expanded its mining operations in the United States, with facilities in states including Georgia and Mississippi.