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

CleanSpark, Inc. (NASDAQ:CLSK) has been given a consensus recommendation of “Buy” by the seven brokerages that are covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $20.71.

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Chardan Capital initiated coverage on CleanSpark in a report on Wednesday, May 21st. They issued a “buy” rating and a $20.00 price objective on the stock.

Insider Activity

In other CleanSpark news, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now owns 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

Large investors have recently bought and sold shares of the company. CX Institutional bought a new stake in CleanSpark during the first quarter worth $26,000. Compagnie Lombard Odier SCmA acquired a new position in shares of CleanSpark during the 4th quarter worth $31,000. Strs Ohio bought a new stake in shares of CleanSpark during the 1st quarter worth $38,000. Quarry LP acquired a new stake in CleanSpark in the first quarter valued at about $47,000. Finally, Russell Investments Group Ltd. boosted its stake in CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after buying an additional 2,196 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

CleanSpark Price Performance

NASDAQ:CLSK opened at $9.79 on Monday. The company has a market cap of $2.75 billion, a P/E ratio of 89.01 and a beta of 4.23. The firm’s fifty day moving average price is $8.56 and its two-hundred day moving average price is $9.75. CleanSpark has a one year low of $6.45 and a one year high of $20.64.

CleanSpark (NASDAQ:CLSK) last announced 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 company had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business’s quarterly revenue was up 62.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 EPS. As a group, equities research analysts expect that CleanSpark will post 0.58 earnings per share for the current 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.