CleanSpark (NASDAQ:CLSK) Upgraded by Chardan Capital to “Strong-Buy” Rating

Chardan Capital upgraded shares of CleanSpark (NASDAQ:CLSK) to a strong-buy rating in a research note released on Monday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $21.57.

CleanSpark Stock Performance

NASDAQ CLSK opened at $8.12 on Monday. The company has a market capitalization of $2.28 billion, a PE ratio of 73.82 and a beta of 4.20. CleanSpark has a 52-week low of $7.22 and a 52-week high of $24.72. The company has a 50-day simple moving average of $9.49 and a 200 day simple moving average of $10.75.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, analysts forecast that CleanSpark will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. This trade represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders sold 36,186 shares of company stock worth $349,985. 2.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after buying an additional 495,367 shares during the last quarter. Geode Capital Management LLC increased its stake in CleanSpark by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after acquiring an additional 353,807 shares during the last quarter. State Street Corp increased its stake in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in CleanSpark during the fourth quarter valued at about $39,940,000. Finally, Invesco Ltd. lifted its stake in CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after purchasing an additional 914,279 shares during the last quarter. 43.12% of the stock is 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.