CleanSpark's (CLSK) Buy Rating Reaffirmed at HC Wainwright

CleanSpark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $27.00 target price on the stock. HC Wainwright's target price suggests a potential upside of 83.80% from the company's current price.

A number of other equities research analysts have also recently weighed in on CLSK. Cantor Fitzgerald increased their price target on CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. TheStreet upgraded CleanSpark from a "d" rating to a "c-" rating in a research note on Friday, February 9th. BTIG Research increased their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, March 19th. Chardan Capital increased their price objective on CleanSpark from $13.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. increased their price objective on CleanSpark from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $19.22.

CleanSpark Stock Down 1.1 %

CLSK traded down $0.16 during trading hours on Monday, reaching $14.69. The company's stock had a trading volume of 29,437,127 shares, compared to its average volume of 34,852,371. CleanSpark has a 52 week low of $3.33 and a 52 week high of $24.72. The company's 50-day moving average is $16.97 and its 200-day moving average is $10.44.

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

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 10,976 shares of the firm's stock in a transaction 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 transaction, the director now owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman S. Matthew Schultz sold 367,000 shares of the firm's stock in a transaction 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 transaction, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 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 completion of the transaction, the director now owns 141,381 shares in the company, valued at approximately $2,523,650.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,169,620 shares of company stock worth $24,963,509. Company insiders own 3.46% of the company's stock.

Institutional Trading of CleanSpark

Several large investors have recently bought and sold shares of CLSK. JPMorgan Chase & Co. boosted its stake in CleanSpark by 14.1% in the first quarter. JPMorgan Chase & Co. now owns 21,634 shares of the company's stock valued at $268,000 after buying an additional 2,678 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in CleanSpark by 8.9% in the first quarter. Bank of New York Mellon Corp now owns 183,219 shares of the company's stock valued at $2,266,000 after buying an additional 14,977 shares in the last quarter. MetLife Investment Management LLC boosted its stake in CleanSpark by 58.5% in the first quarter. MetLife Investment Management LLC now owns 22,472 shares of the company's stock valued at $278,000 after buying an additional 8,294 shares in the last quarter. Rhumbline Advisers boosted its stake in CleanSpark by 15.2% in the first quarter. Rhumbline Advisers now owns 48,466 shares of the company's stock valued at $600,000 after buying an additional 6,407 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in CleanSpark by 10.8% in the first quarter. BlackRock Inc. now owns 2,524,449 shares of the company's stock valued at $31,228,000 after buying an additional 246,633 shares in the last quarter. 43.12% of the stock is 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.