Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) Target Price at $21.57

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) have earned an average recommendation of "Buy" from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $21.57.

A number of equities analysts have issued reports on CLSK shares. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price for the company. Chardan Capital raised CleanSpark to a "strong-buy" rating in a research report on Monday, March 24th. JPMorgan Chase & Co. decreased their price target on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Needham & Company LLC initiated coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded down $0.01 during trading hours on Friday, hitting $7.27. 4,012,740 shares of the stock were exchanged, compared to its average volume of 24,299,986. The company's fifty day simple moving average is $8.28 and its two-hundred day simple moving average is $10.50. The company has a market cap of $2.04 billion, a PE ratio of 66.06 and a beta of 4.12. CleanSpark has a 1-year low of $6.45 and a 1-year high of $21.39.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its 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, sell-side analysts expect that CleanSpark will post 0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $335,945 in the last three months. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in CleanSpark by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after purchasing an additional 495,367 shares during the period. Geode Capital Management LLC raised its position in CleanSpark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after buying an additional 353,807 shares during the last quarter. State Street Corp raised its holdings in shares of CleanSpark by 4.5% during the third quarter. State Street Corp now owns 6,073,912 shares of the company's stock valued at $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of CleanSpark during the 4th quarter valued at $39,940,000. Finally, Invesco Ltd. lifted its stake in shares of CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after purchasing an additional 914,279 shares during the period. 43.12% of the stock is owned by institutional investors.

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.