Cleanspark (NASDAQ:CLSK) Receives "Buy" Rating from Chardan Capital

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reiterated by Chardan Capital in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock. Chardan Capital's price objective would indicate a potential upside of 87.44% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, June 13th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $21.00.

Cleanspark Stock Down 1.3%

Shares of Cleanspark stock traded down $0.14 on Wednesday, hitting $10.67. The stock had a trading volume of 28,481,902 shares, compared to its average volume of 27,977,399. Cleanspark has a one year low of $6.45 and a one year high of $20.49. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -11.11 and a beta of 4.23. The stock's 50-day simple moving average is $9.26 and its two-hundred day simple moving average is $9.36.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The firm's revenue for the quarter was up 62.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 EPS. As a group, equities analysts predict that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Activity at Cleanspark

In related 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 transaction, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. grew its stake in shares of Cleanspark by 9.1% during the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after acquiring an additional 1,405 shares during the period. Corebridge Financial Inc. boosted its stake in Cleanspark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock worth $1,139,000 after purchasing an additional 1,507 shares during the period. Wellington Management Group LLP boosted its stake in Cleanspark by 15.1% in the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock worth $94,000 after purchasing an additional 1,834 shares during the period. Sigma Planning Corp boosted its stake in Cleanspark by 11.9% in the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock worth $161,000 after purchasing an additional 1,865 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Cleanspark by 13.5% in the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after purchasing an additional 1,898 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.