Chardan Capital Reiterates “Buy” Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reiterated by research analysts at Chardan Capital in a research note issued on Tuesday, Benzinga reports. They presently have a $26.00 price objective on the stock. Chardan Capital’s price target suggests a potential upside of 58.83% from the stock’s previous close.

CLSK has been the subject of several other research reports. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. JPMorgan Chase & Co. raised their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Monday, April 15th. Cantor Fitzgerald raised their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, BTIG Research raised their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Price Performance

CleanSpark stock opened at $16.37 on Tuesday. The company’s 50-day moving average price is $17.59 and its two-hundred day moving average price is $12.08. CleanSpark has a 52 week low of $3.38 and a 52 week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. Equities research analysts forecast that CleanSpark will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the transaction, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 322,400 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.95, for a total transaction of $6,754,280.00. Following the completion of the sale, the chairman now directly owns 2,698,768 shares of the company’s stock, valued at $56,539,189.60. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock worth $24,963,509 over the last ninety days. 3.46% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its position in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares in the last quarter. Tobam raised its position in CleanSpark by 6.4% during the first quarter. Tobam now owns 23,142 shares of the company’s stock valued at $491,000 after acquiring an additional 1,394 shares in the last quarter. Scotia Capital Inc. raised its position in CleanSpark by 14.5% during the fourth quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after acquiring an additional 1,500 shares in the last quarter. American Capital Advisory LLC bought a new position in CleanSpark during the first quarter valued at approximately $32,000. Finally, VitalStone Financial LLC raised its position in CleanSpark by 21.7% during the fourth quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after acquiring an additional 1,930 shares in the last quarter. 43.12% of the stock is owned by hedge funds and other 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.