CleanSpark, Inc. (NASDAQ:CLSK) Receives $21.57 Average PT from Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has been assigned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $20.83.

CLSK has been the subject of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. Finally, Needham & Company LLC started coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company.

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This trade represents a 0.34% decrease in their position. The sale 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 9,010 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock worth $335,945 over the last three months. 2.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently bought and sold shares of CLSK. CX Institutional bought a new stake in shares of CleanSpark in the 1st quarter worth $26,000. Compagnie Lombard Odier SCmA bought a new stake in CleanSpark in the 4th quarter worth about $31,000. GAMMA Investing LLC increased its stake in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of 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 buying an additional 2,196 shares in the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of CleanSpark in the 1st quarter worth approximately $82,000. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Trading Up 4.6%

Shares of CleanSpark stock opened at $9.62 on Thursday. The business has a 50-day moving average price of $7.98 and a two-hundred day moving average price of $10.25. CleanSpark has a 1-year low of $6.45 and a 1-year high of $20.64. The company has a market cap of $2.70 billion, a P/E ratio of 87.46 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). The business had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The company’s revenue for the quarter was up 62.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.59 EPS. Equities research analysts forecast that CleanSpark will post 0.58 EPS for the current fiscal year.

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.