CleanSpark (NASDAQ:CLSK) Stock Rating Reaffirmed by HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $27.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 27.30% from the stock’s previous close.

Several other equities analysts also recently commented on CLSK. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of CleanSpark in a research note on Friday, December 1st. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. BTIG Research lifted their target price on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Chardan Capital raised their price target on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $8.00 target price (down previously from $9.00) on shares of CleanSpark in a research report on Friday, December 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, CleanSpark has an average rating of “Moderate Buy” and a consensus target price of $18.05.

CleanSpark Stock Down 8.2 %

Shares of CLSK opened at $21.21 on Wednesday. CleanSpark has a 12 month low of $2.38 and a 12 month high of $24.72. The stock’s 50-day moving average price is $15.06 and its two-hundred day moving average price is $9.42.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. As a group, research analysts anticipate that CleanSpark will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at CleanSpark

In other news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the sale, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock worth $24,963,509 in the last three months. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. Ameritas Investment Partners Inc. boosted its stake in CleanSpark by 60.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after acquiring an additional 2,150 shares in the last quarter. Barclays PLC raised its holdings in shares of CleanSpark by 533.2% during the fourth 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 last quarter. State of Wyoming purchased a new position in CleanSpark in the second quarter valued at $27,000. Lazard Asset Management LLC increased its holdings in CleanSpark by 3,177.3% in the third quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock valued at $29,000 after buying an additional 7,689 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of CleanSpark in the third quarter valued at about $30,000. 43.12% of the stock is currently owned by institutional investors.

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.