CleanSpark, Inc. (NASDAQ:CLSK) Given Average Rating of "Buy" by Brokerages

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) has been given an average rating of "Buy" by the seven research firms that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $21.57.

A number of equities research analysts recently issued reports on CLSK shares. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Macquarie lifted their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price for the company.

CleanSpark Price Performance

CLSK traded down $0.31 on Wednesday, reaching $7.44. 87,713,930 shares of the company's stock were exchanged, compared to its average volume of 28,944,588. The stock has a market cap of $2.09 billion, a PE ratio of 67.64 and a beta of 4.20. CleanSpark has a twelve month low of $7.22 and a twelve month high of $24.72. The stock's fifty day moving average price is $9.61 and its 200-day moving average price is $10.73.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results 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%. As a group, research analysts predict that CleanSpark will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares of the company's stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,186 shares of company stock valued at $246,375 in the last 90 days. Company insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Several large investors have recently modified their holdings of CLSK. Quest Partners LLC purchased a new stake in CleanSpark in the 3rd quarter valued at $374,000. Kovitz Investment Group Partners LLC raised its holdings in shares of CleanSpark by 85.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company's stock valued at $1,727,000 after buying an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock valued at $20,500,000 after buying an additional 208,862 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of CleanSpark during the third quarter worth about $1,960,000. Finally, Intech Investment Management LLC purchased a new position in shares of CleanSpark during the third quarter worth about $674,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.