CleanSpark (NASDAQ:CLSK) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of CleanSpark (NASDAQ:CLSK - Free Report) in a research report sent to investors on Wednesday, Marketbeat.com reports. The brokerage issued a buy rating and a $20.00 target price on the stock.

A number of other research firms have also recently weighed in on CLSK. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an "outperform" rating and a $19.00 price objective for the company. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Finally, Macquarie increased their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark presently has an average rating of "Buy" and an average target price of $22.25.

CleanSpark Stock Down 1.6 %

Shares of CLSK stock traded down $0.17 on Wednesday, reaching $10.50. 18,971,406 shares of the stock were exchanged, compared to its average volume of 21,496,218. The stock has a market cap of $2.95 billion, a P/E ratio of 95.46 and a beta of 4.24. The firm has a 50 day moving average of $10.89 and a two-hundred day moving average of $11.35. CleanSpark has a 1-year low of $8.04 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.81%. On average, equities research analysts predict that CleanSpark will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction 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 firm's stock in a transaction that occurred 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 transaction, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,536 shares of company stock worth $265,748. 2.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in CleanSpark during the second quarter worth approximately $286,000. Vontobel Holding Ltd. boosted its holdings in CleanSpark by 4.9% during the third quarter. Vontobel Holding Ltd. now owns 63,237 shares of the company's stock worth $591,000 after buying an additional 2,927 shares in the last quarter. Avaii Wealth Management LLC boosted its holdings in CleanSpark by 58.3% during the third quarter. Avaii Wealth Management LLC now owns 46,565 shares of the company's stock worth $435,000 after buying an additional 17,155 shares in the last quarter. Bellecapital International Ltd. bought a new stake in CleanSpark during the third quarter worth approximately $125,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in CleanSpark by 50.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 300,000 shares of the company's stock worth $2,802,000 after buying an additional 100,000 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

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.