Brokerages Set CleanSpark, Inc. (NASDAQ:CLSK) PT at $22.25

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) have received an average recommendation of "Buy" from the eight ratings firms that are currently covering the company, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $22.25.

Several analysts have weighed in on CLSK shares. 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. Needham & Company LLC initiated coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an "outperform" rating and a $19.00 target price on the stock. Macquarie upped their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $10.50 to $17.00 in a report on Tuesday, December 10th.

Insider Activity

In other news, CEO Zachary Bradford sold 10,533 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company's stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,536 shares of company stock valued at $265,748. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its holdings in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. FMR LLC increased its position in CleanSpark by 5.0% in the 3rd quarter. FMR LLC now owns 24,729 shares of the company's stock valued at $231,000 after acquiring an additional 1,170 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after acquiring an additional 1,345 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of CleanSpark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock worth $155,000 after acquiring an additional 1,405 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its position in shares of CleanSpark by 1.2% during the fourth 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 in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

CleanSpark Stock Performance

Shares of CleanSpark stock traded down $0.75 during trading hours on Friday, reaching $8.15. The company's stock had a trading volume of 32,253,587 shares, compared to its average volume of 23,394,436. CleanSpark has a one year low of $7.73 and a one year high of $24.72. The company's 50 day simple moving average is $10.46 and its 200 day simple moving average is $11.17. The stock has a market cap of $2.29 billion, a P/E ratio of 74.10 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, sell-side analysts predict that CleanSpark will post 0.58 earnings per share for the current fiscal year.

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.