CleanSpark (NASDAQ:CLSK) Receives Buy Rating from HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report released on Friday, Benzinga reports. They currently have a $27.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 68.22% from the stock’s previous close.

A number of other equities analysts also recently commented on CLSK. JPMorgan Chase & Co. dropped their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Cantor Fitzgerald upgraded CleanSpark to a “strong-buy” rating in a report on Wednesday, June 12th. BTIG Research increased their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Finally, Chardan Capital reiterated a “buy” rating and set a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.97.

CleanSpark Price Performance

NASDAQ CLSK opened at $16.05 on Friday. The company has a 50 day simple moving average of $17.20 and a 200-day simple moving average of $14.94. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 business had revenue of $111.80 million during the quarter, compared to analyst estimates of $111.11 million. Research analysts predict that CleanSpark will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in CleanSpark by 62.2% in 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 position in CleanSpark by 119.7% in 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 position in CleanSpark by 11.5% in 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 position in CleanSpark by 1.0% in 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. 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.