Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) PT at $18.97

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seven research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $19.11.

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating for the company in a research report on Friday, August 23rd. Macquarie initiated coverage on CleanSpark in a research note on Wednesday. They set an "outperform" rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a research report on Tuesday, September 3rd. Finally, HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 26,272 shares of company stock valued at $264,421. 3.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the stock. American Capital Advisory LLC bought a new stake in shares of CleanSpark in the 1st quarter worth about $32,000. National Bank of Canada FI increased its position in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company's stock valued at $41,000 after acquiring an additional 2,119 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company's stock valued at $62,000 after acquiring an additional 787 shares during the period. Hollencrest Capital Management purchased a new stake in shares of CleanSpark in the second quarter valued at $48,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of CleanSpark in the 1st quarter worth about $109,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

CleanSpark Stock Down 3.0 %

CleanSpark stock traded down $0.29 during mid-day trading on Wednesday, reaching $9.34. 21,206,166 shares of the company traded hands, compared to its average volume of 30,347,488. The firm's 50 day moving average price is $12.06 and its 200 day moving average price is $15.40. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The company had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. Research analysts anticipate that CleanSpark will post -0.06 EPS for the current year.

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.