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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $19.11.

A number of equities research analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. JPMorgan Chase & Co. decreased their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. Finally, Macquarie initiated coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price on the stock.

CleanSpark Trading Up 2.8 %

NASDAQ CLSK opened at $11.96 on Friday. The business’s fifty day moving average is $10.20 and its 200 day moving average is $14.17. CleanSpark has a fifty-two week low of $3.46 and a fifty-two week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, equities research analysts predict that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 24,922 shares of company stock valued at $233,965 over the last 90 days. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of CLSK. National Bank of Canada FI raised its stake in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of CleanSpark during the second quarter worth $48,000. Russell Investments Group Ltd. increased its position in shares of CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after purchasing an additional 787 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in shares of CleanSpark during the first quarter worth $109,000. Institutional investors 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.