CleanSpark, Inc. (NASDAQ:CLSK) Given Consensus Recommendation of “Buy” by Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average recommendation of “Buy” by the seven research firms that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $21.57.

Several analysts recently commented on CLSK shares. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research report on Monday, March 24th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. JPMorgan Chase & Co. cut their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company.

Insider Buying and Selling at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,836 shares of company stock worth $335,945. Insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Several large investors have recently added to or reduced their stakes in CLSK. FMR LLC raised its position in CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after acquiring an additional 1,170 shares during the period. Prudential Financial Inc. raised its holdings in CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after purchasing an additional 1,405 shares during the period. Corebridge Financial Inc. lifted its position in CleanSpark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after purchasing an additional 1,507 shares in the last quarter. Sigma Planning Corp grew its holdings in CleanSpark by 11.9% during the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after purchasing an additional 1,865 shares during the period. Finally, Mackenzie Financial Corp increased its position in CleanSpark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock worth $147,000 after buying an additional 1,898 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Stock Up 5.2 %

Shares of CLSK opened at $7.50 on Friday. The stock has a market cap of $2.11 billion, a P/E ratio of 68.19 and a beta of 4.12. The business’s 50 day moving average price is $8.48 and its 200-day moving average price is $10.56. CleanSpark has a 52 week low of $6.45 and a 52 week high of $21.39.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, equities analysts anticipate that CleanSpark will post 0.58 EPS for the current year.

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.