CleanSpark, Inc. (NASDAQ:CLSK) Receives Consensus Rating of "Buy" from Brokerages

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) has received an average rating of "Buy" from the seven ratings firms that are presently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $20.71.

A number of equities analysts recently commented on the company. Chardan Capital assumed coverage on CleanSpark in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective on the stock. Needham & Company LLC assumed coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. cut their price objective on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th.

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director now owns 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction that occurred 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. This represents a 8.48% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of the company. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark during the fourth quarter valued at approximately $31,000. CX Institutional purchased a new position in shares of CleanSpark in the first quarter worth about $26,000. Strs Ohio purchased a new position in CleanSpark in the 1st quarter valued at approximately $38,000. Russell Investments Group Ltd. raised its stake in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the period. Finally, Quarry LP purchased a new stake in shares of CleanSpark in the first quarter worth about $47,000. Institutional investors own 43.12% of the company's stock.

CleanSpark Stock Down 0.2%

Shares of CLSK stock traded down $0.02 during mid-day trading on Monday, reaching $8.61. 17,016,162 shares of the stock traded hands, compared to its average volume of 28,194,647. The stock's fifty day simple moving average is $8.39 and its two-hundred day simple moving average is $9.87. CleanSpark has a 1-year low of $6.45 and a 1-year high of $20.64. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 78.28 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The firm had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. During the same period in the previous year, the business posted $0.59 earnings per share. The business's revenue for the quarter was up 62.5% compared to the same quarter last year. On average, equities research analysts anticipate that CleanSpark will post 0.58 EPS for the current fiscal 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.