CleanSpark’s (CLSK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research note issued to investors on Wednesday, Benzinga reports. HC Wainwright currently has a $27.00 target price on the stock.

A number of other equities analysts have also commented on CLSK. Cantor Fitzgerald reissued an overweight rating and set a $10.00 price target on shares of CleanSpark in a research note on Friday, December 1st. JPMorgan Chase & Co. reissued a neutral rating and set a $8.00 price target (down from $9.00) on shares of CleanSpark in a research note on Friday, December 8th. BTIG Research increased their price target on CleanSpark from $12.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, March 19th. Chardan Capital increased their price target on CleanSpark from $13.00 to $26.00 and gave the company a buy rating in a research note on Monday, March 4th. Finally, TheStreet raised CleanSpark from a d rating to a c- rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $16.38.

CleanSpark Trading Down 0.3 %

NASDAQ:CLSK opened at $23.11 on Wednesday. CleanSpark has a 12-month low of $2.38 and a 12-month high of $24.72. The stock has a 50-day moving average price of $14.77 and a 200 day moving average price of $9.34.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share (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 firm had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. On average, equities research analysts anticipate that CleanSpark will post -0.3 earnings per share for the current year.

Insider Activity

In other news, CEO Zachary Bradford sold 443,000 shares of the firm’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 value of $8,997,330.00. Following the completion of the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total value of $549,286.92. Following the sale, the chief financial officer now directly owns 554,391 shares in the company, valued at $11,603,403.63. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The disclosure for this sale can be found here. Insiders sold 1,169,620 shares of company stock valued at $24,963,509 in the last ninety days. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its holdings in CleanSpark by 60.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock worth $25,000 after purchasing an additional 2,150 shares during the period. Barclays PLC increased its holdings in CleanSpark by 533.2% during the 4th quarter. Barclays PLC now owns 12,253 shares of the company’s stock worth $25,000 after purchasing an additional 10,318 shares during the period. State of Wyoming purchased a new position in CleanSpark during the 2nd quarter worth $27,000. Lazard Asset Management LLC increased its holdings in CleanSpark by 3,177.3% during the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after purchasing an additional 7,689 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in CleanSpark during the 3rd quarter worth $30,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.