CleanSpark (NASDAQ:CLSK) Price Target Raised to $20.00

CleanSpark (NASDAQ:CLSK) had its price objective upped by equities researchers at Cantor Fitzgerald from $10.00 to $20.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target suggests a potential downside of 8.51% from the company’s current price.

A number of other brokerages also recently weighed in on CLSK. BTIG Research increased their price target on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Chardan Capital raised their price objective on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $8.00 price target (down from $9.00) on shares of CleanSpark in a report on Friday, December 8th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.05.

CleanSpark Price Performance

CleanSpark stock traded down $1.25 on Thursday, reaching $21.86. The company’s stock had a trading volume of 24,501,814 shares, compared to its average volume of 35,659,445. CleanSpark has a twelve month low of $2.38 and a twelve month high of $24.72. The business’s fifty day moving average price is $14.77 and its 200 day moving average price is $9.34.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.26. The firm had revenue of $73.79 million for the quarter, compared to analysts’ expectations of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. Equities research analysts forecast that CleanSpark will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is owned by insiders.

Institutional Trading of CleanSpark

Institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its stake in CleanSpark by 60.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after purchasing an additional 2,150 shares in the last quarter. State of Wyoming bought a new stake in CleanSpark during the second quarter worth $27,000. Advisory Services Network LLC bought a new stake in CleanSpark during the fourth quarter worth $83,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of CleanSpark in the 3rd quarter valued at $30,000. Finally, Lazard Asset Management LLC increased its stake in shares of CleanSpark by 3,177.3% in the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock valued at $29,000 after purchasing an additional 7,689 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.