CleanSpark, Inc. (NASDAQ:CLSK) Receives Consensus Rating of “Moderate Buy” from Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.11.

A number of brokerages have issued reports on CLSK. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Finally, Macquarie began coverage on shares of CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target on the stock.

CleanSpark Stock Down 7.8 %

CLSK stock opened at $8.61 on Wednesday. CleanSpark has a 52 week low of $3.38 and a 52 week high of $24.72. The firm’s fifty day moving average is $11.40 and its 200 day moving average is $15.21.

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

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 26,272 shares of company stock valued at $256,874. Company insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its position in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. SteelPeak Wealth LLC raised its holdings in CleanSpark by 3.0% in the second quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock worth $589,000 after buying an additional 1,066 shares during the last quarter. Amalgamated Bank raised its holdings in CleanSpark by 18.4% in the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after buying an additional 1,194 shares during the last quarter. Tobam raised its holdings in CleanSpark by 6.4% in the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after buying an additional 1,394 shares during the last quarter. Finally, Scotia Capital Inc. raised its holdings in CleanSpark by 14.5% in the fourth quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after buying an additional 1,500 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.