HC Wainwright Reiterates "Buy" Rating for CleanSpark (NASDAQ:CLSK)

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK - Free Report) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $27.00 target price on the stock.

Several other research analysts have also weighed in on the company. Cantor Fitzgerald reissued an overweight rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target on CleanSpark from $12.50 to $10.50 and set a neutral rating on the stock in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $18.97.

CleanSpark Price Performance

Shares of NASDAQ:CLSK traded down $0.06 during mid-day trading on Wednesday, reaching $9.29. 18,702,402 shares of the company's stock were exchanged, compared to its average volume of 31,017,115. CleanSpark has a twelve month low of $3.38 and a twelve month high of $24.72. The business's fifty day moving average price is $13.49 and its 200-day moving average price is $16.03.

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

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its stake in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company's stock valued at $62,000 after purchasing an additional 787 shares in the last quarter. SteelPeak Wealth LLC raised its holdings in shares of CleanSpark by 3.0% in the 2nd quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company's stock worth $589,000 after acquiring an additional 1,066 shares during the last quarter. Amalgamated Bank lifted its position in CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company's stock valued at $122,000 after acquiring an additional 1,194 shares in the last quarter. Tobam boosted its stake in CleanSpark by 6.4% during the 1st quarter. Tobam now owns 23,142 shares of the company's stock valued at $491,000 after purchasing an additional 1,394 shares during the last quarter. Finally, Scotia Capital Inc. boosted its stake in CleanSpark by 14.5% during the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company's stock valued at $130,000 after purchasing an additional 1,500 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.