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

HC Wainwright restated their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a report released on Tuesday,Benzinga reports. HC Wainwright currently has a $27.00 price target on the stock.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. cut their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CleanSpark has a consensus rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Price Performance

NASDAQ:CLSK opened at $13.95 on Tuesday. CleanSpark has a 1 year low of $6.41 and a 1 year high of $24.72. The stock’s fifty day moving average price is $12.06 and its two-hundred day moving average price is $13.51. The company has a market cap of $3.53 billion, a P/E ratio of -24.05 and a beta of 4.16.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 26,272 shares of company stock worth $254,836. Insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC bought a new stake in CleanSpark in the 3rd quarter worth approximately $374,000. Quantbot Technologies LP purchased a new position in shares of CleanSpark during the third quarter worth approximately $1,960,000. Clarity Capital Partners LLC lifted its holdings in shares of CleanSpark by 100.8% in the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after acquiring an additional 87,891 shares during the last quarter. Intech Investment Management LLC purchased a new position in CleanSpark in the 3rd quarter worth $674,000. Finally, SRN Advisors LLC lifted its stake in CleanSpark by 65.3% in the third quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after purchasing an additional 103,283 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.