CleanSpark (NASDAQ:CLSK) Upgraded by Cantor Fitzgerald to “Strong-Buy”

CleanSpark (NASDAQ:CLSK) was upgraded by research analysts at Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other analysts have also recently issued reports on CLSK. Chardan Capital reissued a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research report on Monday, May 13th. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, May 10th. Finally, BTIG Research raised their target price on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $19.97.

CleanSpark Stock Up 8.2 %

NASDAQ CLSK opened at $17.25 on Wednesday. The firm’s 50-day moving average is $16.66 and its two-hundred day moving average is $14.24. CleanSpark has a 12 month low of $3.38 and a 12 month high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. The company had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $111.11 million. On average, equities analysts anticipate that CleanSpark will post -0.09 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares in the company, valued at $56,783,977.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares in the company, valued at $56,783,977.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold 811,350 shares of company stock worth $17,486,498 over the last three months. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of CleanSpark by 62.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after purchasing an additional 3,235,171 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of CleanSpark by 119.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock worth $19,384,000 after purchasing an additional 957,372 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of CleanSpark by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock worth $15,217,000 after purchasing an additional 142,078 shares during the period. Finally, Stifel Financial Corp lifted its holdings in shares of CleanSpark by 1.0% during the third quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock worth $3,315,000 after purchasing an additional 8,975 shares during the period. 43.12% of the stock is 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.