CleanSpark (NASDAQ:CLSK) Raised to "Strong-Buy" at Chardan Capital

CleanSpark (NASDAQ:CLSK - Get Free Report) was upgraded by research analysts at Chardan Capital to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

CLSK has been the topic of several other research reports. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. dropped their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Macquarie upped their price target on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Needham & Company LLC began coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, CleanSpark has a consensus rating of "Buy" and an average target price of $21.57.

CleanSpark Stock Down 8.3 %

Shares of CLSK traded down $0.65 during trading hours on Monday, reaching $7.19. The stock had a trading volume of 26,094,180 shares, compared to its average volume of 28,800,754. The firm has a 50-day moving average of $9.33 and a 200 day moving average of $10.72. The company has a market cap of $2.02 billion, a P/E ratio of 65.37 and a beta of 4.20. CleanSpark has a 52 week low of $7.02 and a 52 week high of $21.39.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly 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 negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the 4th quarter worth about $31,000. GAMMA Investing LLC raised its position in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock valued at $36,000 after buying an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the period. KBC Group NV grew its position in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after buying an additional 2,700 shares in the last quarter. Finally, R Squared Ltd bought a new position in CleanSpark during the 4th quarter worth $101,000. Institutional investors own 43.12% of the company's stock.

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.