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

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

A number of other equities analysts have also commented on the stock. Macquarie raised their target price 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. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. 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 price objective on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark has an average rating of "Buy" and an average target price of $22.25.

CleanSpark Stock Down 1.6 %

CleanSpark stock traded down $0.17 during midday trading on Wednesday, reaching $10.50. The stock had a trading volume of 18,971,406 shares, compared to its average volume of 21,496,218. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 95.46 and a beta of 4.24. The company has a fifty day moving average of $10.89 and a 200 day moving average of $11.38. CleanSpark has a 52-week low of $8.04 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) EPS 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%. Equities research analysts predict that CleanSpark will post 0.29 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, 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 value of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,536 shares of company stock worth $265,748 over the last three months. Corporate insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Several institutional investors and hedge funds have recently made changes to their positions in CLSK. Assenagon Asset Management S.A. acquired a new stake in shares of CleanSpark during the fourth quarter worth $39,940,000. Price T Rowe Associates Inc. MD lifted its stake in shares of CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after buying an additional 1,536,145 shares during the period. Jump Financial LLC acquired a new stake in shares of CleanSpark during the fourth quarter worth $13,443,000. Shaolin Capital Management LLC purchased a new position in shares of CleanSpark during the fourth quarter worth $8,559,000. Finally, Invesco Ltd. raised its holdings in shares of CleanSpark by 44.2% during the fourth 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 last quarter. 43.12% of the stock is currently 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.