CleanSpark (NASDAQ:CLSK) Upgraded to Strong-Buy at Chardan Capital

CleanSpark (NASDAQ:CLSK - Get Free Report) was upgraded by investment analysts at Chardan Capital to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on CLSK. HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. reduced their price objective on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. Finally, Keefe, Bruyette & Woods started coverage on CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 price target for the company. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $21.57.

CleanSpark Trading Up 1.6 %

Shares of CLSK stock traded up $0.14 during midday trading on Tuesday, reaching $8.81. 22,474,773 shares of the stock were exchanged, compared to its average volume of 28,293,642. CleanSpark has a 1 year low of $6.45 and a 1 year high of $20.64. The firm has a market cap of $2.47 billion, a PE ratio of 80.10 and a beta of 4.12. The company's 50 day moving average is $7.90 and its two-hundred day moving average is $10.42.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities analysts expect that CleanSpark will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company's stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the transaction, 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 position. 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 ninety days. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Segall Bryant & Hamill LLC bought a new stake in shares of CleanSpark during the 1st quarter valued at $2,559,000. Victory Capital Management Inc. raised its stake in shares of CleanSpark by 57.5% in the first quarter. Victory Capital Management Inc. now owns 55,090 shares of the company's stock worth $370,000 after buying an additional 20,119 shares during the period. Apollon Wealth Management LLC bought a new position in shares of CleanSpark during the 1st quarter valued at approximately $85,000. CWM LLC grew its stake in shares of CleanSpark by 2,308.8% during the 1st quarter. CWM LLC now owns 19,680 shares of the company's stock valued at $132,000 after acquiring an additional 18,863 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in CleanSpark during the 1st quarter worth approximately $880,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.