CleanSpark, Inc. (NASDAQ:CLSK) Receives Average Rating of "Moderate Buy" from Analysts

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.22.

CLSK has been the subject of several recent research reports. Cantor Fitzgerald raised their price target on shares of CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. raised their price target on shares of CleanSpark from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Monday, April 15th. TheStreet raised shares of CleanSpark from a "d" rating to a "c-" rating in a research report on Friday, February 9th. Finally, BTIG Research lifted their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, March 19th.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK traded down $0.31 during mid-day trading on Friday, reaching $19.23. 19,373,964 shares of the company were exchanged, compared to its average volume of 30,042,572. The firm's 50-day simple moving average is $17.79 and its 200 day simple moving average is $11.42. CleanSpark has a 1 year low of $3.33 and a 1 year high of $24.72.

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

Insider Transactions at CleanSpark

In related news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of CleanSpark stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $20.93, for a total transaction of $549,286.92. Following the sale, the chief financial officer now directly owns 554,391 shares in the company, valued at approximately $11,603,403.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the completion of the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The disclosure for this sale can be found here. In the last three months, insiders sold 1,169,620 shares of company stock valued at $24,963,509. Insiders own 3.46% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CLSK. SG Americas Securities LLC increased its stake in CleanSpark by 65.7% in the third quarter. SG Americas Securities LLC now owns 43,734 shares of the company's stock valued at $167,000 after purchasing an additional 17,341 shares during the period. Bank of New York Mellon Corp increased its stake in CleanSpark by 32.9% in the third quarter. Bank of New York Mellon Corp now owns 502,345 shares of the company's stock valued at $1,914,000 after purchasing an additional 124,488 shares during the period. Shariaportfolio Inc. acquired a new position in CleanSpark in the third quarter valued at $3,161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in CleanSpark in the third quarter valued at $79,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in CleanSpark by 0.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company's stock valued at $3,048,000 after purchasing an additional 2,709 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.