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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) has earned a consensus rating of "Buy" from the seven ratings firms that are currently covering the company, Marketbeat 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 target price among analysts that have updated their coverage on the stock in the last year is $20.83.

Several research firms have commented on CLSK. Chardan Capital raised shares of CleanSpark to a "strong-buy" rating in a report on Tuesday, April 29th. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price for the company.

Insider Buying and Selling at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the transaction, the director now directly owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were 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 directly 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 disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock valued at $335,945 over the last quarter. 2.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC increased its position in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company's stock worth $3,634,000 after purchasing an additional 305,316 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of CleanSpark in the 4th quarter valued at approximately $338,000. Assenagon Asset Management S.A. acquired a new stake in shares of CleanSpark during the fourth quarter worth $39,940,000. Quadrant Capital Group LLC purchased a new position in CleanSpark during the 4th quarter worth $734,000. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of CleanSpark by 121.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 46,323 shares of the company's stock worth $427,000 after acquiring an additional 25,444 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

CleanSpark Price Performance

Shares of CLSK stock traded down $0.03 during mid-day trading on Thursday, hitting $9.59. 10,114,557 shares of the stock traded hands, compared to its average volume of 28,242,808. The stock's fifty day moving average is $7.98 and its two-hundred day moving average is $10.25. CleanSpark has a 52-week low of $6.45 and a 52-week high of $20.64. The stock has a market cap of $2.69 billion, a P/E ratio of 87.18 and a beta of 4.36.

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