CleanSpark (NASDAQ:CLSK) Coverage Initiated at Chardan Capital

Chardan Capital started coverage on shares of CleanSpark (NASDAQ:CLSK - Get Free Report) in a research report issued on Wednesday. The brokerage set a "buy" rating and a $20.00 price target on the stock. Chardan Capital's price objective indicates a potential upside of 100.10% from the company's current price.

CLSK has been the subject of several other research reports. HC Wainwright restated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods began coverage on CleanSpark in a research report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $20.71.

CleanSpark Trading Up 3.0%

CLSK stock traded up $0.30 during mid-day trading on Wednesday, reaching $10.00. The company's stock had a trading volume of 3,472,564 shares, compared to its average volume of 28,112,826. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 90.87 and a beta of 4.36. The business's 50 day moving average price is $8.17 and its 200 day moving average price is $10.19. CleanSpark has a 12 month low of $6.45 and a 12 month high of $20.64.

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

Insiders Place Their Bets

In related news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This trade represents a 8.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of CleanSpark by 22.8% during the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of CleanSpark by 1,018.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after purchasing an additional 1,536,145 shares during the last quarter. Jump Financial LLC bought a new position in shares of CleanSpark during the 4th quarter valued at about $13,443,000. Principal Financial Group Inc. increased its position in shares of CleanSpark by 6,449.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after purchasing an additional 1,366,752 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in CleanSpark during the 1st quarter valued at about $8,109,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.

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