Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) Target Price at $18.05

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $18.05.

Several analysts have recently commented on the company. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, March 27th. Chardan Capital raised their price target on CleanSpark from $13.00 to $26.00 and gave the company a "buy" rating in a report on Monday, March 4th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $8.00 price target (down previously from $9.00) on shares of CleanSpark in a report on Friday, December 8th. TheStreet upgraded CleanSpark from a "d" rating to a "c-" rating in a report on Friday, February 9th. Finally, BTIG Research raised their price target on CleanSpark from $12.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, March 19th.

CleanSpark Stock Performance

CleanSpark stock traded down $0.64 during mid-day trading on Wednesday, hitting $16.19. 22,737,259 shares of the company were exchanged, compared to its average volume of 35,715,543. The business has a fifty day moving average of $15.95 and a 200 day moving average of $9.84. CleanSpark has a 1-year low of $2.38 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.26. The company had revenue of $73.79 million for the quarter, compared to analysts' expectations of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. As a group, analysts anticipate that CleanSpark will post -0.3 EPS for the current fiscal year.

Insider Activity at CleanSpark

In related news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the sale, the director now owns 141,381 shares of the company's stock, valued at approximately $2,523,650.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the firm's stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the transaction, the director now owns 141,381 shares of the company's stock, valued at $2,523,650.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after acquiring an additional 515,314 shares during the period. American International Group Inc. boosted its stake in CleanSpark by 34.9% in the 4th quarter. American International Group Inc. now owns 74,458 shares of the company's stock valued at $821,000 after purchasing an additional 19,268 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in CleanSpark by 70.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 90,723 shares of the company's stock valued at $1,001,000 after purchasing an additional 37,571 shares during the period. Legal & General Group Plc boosted its stake in CleanSpark by 20.6% in the 4th quarter. Legal & General Group Plc now owns 148,856 shares of the company's stock valued at $1,641,000 after purchasing an additional 25,385 shares during the period. Finally, Barclays PLC boosted its stake in CleanSpark by 243.8% in the 4th quarter. Barclays PLC now owns 245,942 shares of the company's stock valued at $2,714,000 after purchasing an additional 174,406 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.