CleanSpark (NASDAQ:CLSK) Given “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research note published on Tuesday, Benzinga reports. The brokerage currently has a $27.00 price objective on the stock.

CLSK has been the subject of several other reports. Chardan Capital reiterated a buy rating and set a $26.00 target price on shares of CleanSpark in a research note on Monday, May 13th. JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $15.00 to $12.50 and set a neutral rating for the company in a report on Tuesday, June 4th. BTIG Research raised their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the stock a buy rating in a report on Tuesday, March 19th. Finally, Cantor Fitzgerald raised shares of CleanSpark to a strong-buy rating in a report on Wednesday, June 12th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $19.97.

CleanSpark Trading Up 1.2 %

NASDAQ:CLSK opened at $19.48 on Tuesday. CleanSpark has a one year low of $3.38 and a one year high of $24.72. The company has a fifty day moving average price of $16.90 and a 200 day moving average price of $14.63.

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

Insider Activity at CleanSpark

In related news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders sold 811,350 shares of company stock valued at $17,486,498 in the last ninety days. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. Vanguard Group Inc. increased its position in CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares in the last quarter. Dimensional Fund Advisors LP increased its position in CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after acquiring an additional 3,235,171 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in CleanSpark by 119.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after acquiring an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of CleanSpark by 273.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after buying an additional 905,993 shares during the period. Finally, Swiss National Bank acquired a new stake in shares of CleanSpark during the 3rd quarter worth approximately $897,000. Institutional investors and hedge funds 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.