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.

CLSK has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. JPMorgan Chase & Co. decreased their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Macquarie upped their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Six 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 MarketBeat, CleanSpark has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Stock Down 0.7 %

NASDAQ CLSK opened at $8.73 on Monday. CleanSpark has a 52 week low of $7.22 and a 52 week high of $24.72. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 79.37 and a beta of 4.20. The company has a fifty day moving average of $9.55 and a two-hundred day moving average of $10.77.

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

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s 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 transaction, the chairman now owns 2,450,010 shares of the company’s stock, 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. Insiders sold a total of 36,186 shares of company stock valued at $349,985 in the last three months. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new position in shares of CleanSpark during the 4th quarter valued at approximately $39,940,000. Price T Rowe Associates Inc. MD raised its position in CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock worth $15,538,000 after acquiring an additional 1,536,145 shares during the period. Jump Financial LLC purchased a new position in CleanSpark during the fourth quarter valued at $13,443,000. Shaolin Capital Management LLC acquired a new stake in shares of CleanSpark in the fourth quarter valued at about $8,559,000. Finally, Invesco Ltd. increased its stake in shares of 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 in the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.