CleanSpark, Inc. (NASDAQ:CLSK) Receives $21.57 Average PT from Analysts

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the stock, Marketbeat reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have covered the stock in the last year is $21.57.

A number of research analysts have issued reports on CLSK shares. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock.

Insiders Place Their Bets

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. The trade was a 0.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Compagnie Lombard Odier SCmA bought a new stake in CleanSpark during the fourth quarter worth about $31,000. GAMMA Investing LLC lifted its position in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after purchasing an additional 2,196 shares in the last quarter. KBC Group NV lifted its position in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of CleanSpark during the fourth quarter worth approximately $101,000. 43.12% of the stock is owned by institutional investors.

CleanSpark Trading Down 4.0 %

CLSK stock opened at $7.44 on Wednesday. CleanSpark has a twelve month low of $7.22 and a twelve month high of $24.72. The company’s 50 day moving average is $9.61 and its two-hundred day moving average is $10.73. The stock has a market cap of $2.09 billion, a P/E ratio of 67.64 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. On average, equities research analysts predict that CleanSpark will post 0.58 earnings per share for the current year.

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.