Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) Target Price at $19.11

CleanSpark, Inc. (NASDAQ:CLSK) has received an average rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $19.11.

Several equities analysts recently issued reports on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. dropped their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Finally, Macquarie began coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company.

Insider Transactions at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 26,272 shares of company stock worth $256,874 in the last ninety days. Insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CLSK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in CleanSpark by 50.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 300,000 shares of the company’s stock valued at $2,802,000 after purchasing an additional 100,000 shares during the period. Bellecapital International Ltd. purchased a new position in shares of CleanSpark during the 3rd quarter valued at about $125,000. Avaii Wealth Management LLC grew its stake in shares of CleanSpark by 58.3% during the 3rd quarter. Avaii Wealth Management LLC now owns 46,565 shares of the company’s stock valued at $435,000 after acquiring an additional 17,155 shares during the period. Vontobel Holding Ltd. increased its holdings in CleanSpark by 4.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 63,237 shares of the company’s stock worth $591,000 after acquiring an additional 2,927 shares in the last quarter. Finally, VitalStone Financial LLC raised its stake in CleanSpark by 124.6% during the 3rd quarter. VitalStone Financial LLC now owns 142,554 shares of the company’s stock worth $1,331,000 after acquiring an additional 79,073 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Trading Down 3.6 %

Shares of CleanSpark stock opened at $12.23 on Friday. CleanSpark has a 1 year low of $3.46 and a 1 year high of $24.72. The firm’s 50-day moving average is $10.17 and its 200 day moving average is $14.20.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The firm had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. Equities analysts expect that CleanSpark will post -0.06 EPS for the current year.

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.