Cleanspark, Inc. (NASDAQ:CLSK) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned a consensus rating of "Buy" from the nine ratings firms that are presently covering the company, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $20.38.

CLSK has been the topic of several research analyst reports. Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a report on Tuesday, July 8th. B. Riley started coverage on Cleanspark in a research note on Tuesday, July 1st. They set a "buy" rating and a $16.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, June 13th. Finally, BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $12.39 on Tuesday. The business's 50 day moving average price is $10.42 and its 200-day moving average price is $9.49. The firm has a market capitalization of $3.48 billion, a PE ratio of -12.91 and a beta of 4.23. Cleanspark has a 1 year low of $6.45 and a 1 year high of $19.04.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data 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 negative return on equity of 4.65% and a negative net margin of 35.43%. The company had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. During the same quarter in the previous year, the business posted $0.59 EPS. The business's quarterly revenue was up 62.5% compared to the same quarter last year. As a group, analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director directly owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently bought and sold shares of CLSK. Vanguard Group Inc. lifted its stake in Cleanspark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after purchasing an additional 4,489,866 shares during the period. Geode Capital Management LLC lifted its stake in Cleanspark by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after purchasing an additional 353,807 shares during the period. Invesco Ltd. lifted its stake in Cleanspark by 20.5% during the first quarter. Invesco Ltd. now owns 3,597,402 shares of the company's stock worth $24,175,000 after purchasing an additional 613,040 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Cleanspark by 26.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock worth $20,951,000 after purchasing an additional 652,811 shares during the period. Finally, Northern Trust Corp lifted its stake in Cleanspark by 16.0% during the first quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock worth $18,864,000 after purchasing an additional 388,021 shares during the period. 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.

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