CleanSpark (NASDAQ:CLSK) Raised to Strong-Buy at Chardan Capital

CleanSpark (NASDAQ:CLSK) was upgraded by Chardan Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also recently commented on CLSK. Needham & Company LLC started coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 target price for the company. JPMorgan Chase & Co. dropped their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Macquarie increased their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $21.57.

CleanSpark Stock Performance

CleanSpark stock opened at $8.73 on Monday. The firm has a market capitalization of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20. CleanSpark has a one year low of $7.22 and a one year high of $24.72. The stock’s 50 day moving average price is $9.55 and its 200 day moving average price is $10.77.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating 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%. On average, analysts forecast that CleanSpark will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,186 shares of company stock valued at $349,985. Company insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

A number of large investors have recently modified their holdings of the company. FMR LLC grew its position in CleanSpark by 5.0% in the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the last quarter. Prudential Financial Inc. grew its holdings in CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after buying an additional 1,405 shares in the last quarter. Corebridge Financial Inc. raised its stake in CleanSpark by 1.2% during the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after acquiring an additional 1,507 shares in the last quarter. Victory Capital Management Inc. raised its stake in CleanSpark by 2.6% during the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after acquiring an additional 1,709 shares in the last quarter. Finally, Sigma Planning Corp boosted its position in CleanSpark by 11.9% during the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock worth $161,000 after acquiring an additional 1,865 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.