CleanSpark’s (CLSK) “Buy” Rating Reiterated at HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $27.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 167.59% from the stock’s current price.

Several other equities analysts also recently issued reports on CLSK. Macquarie began coverage on shares of CleanSpark in a report on Wednesday. They set an “outperform” rating and a $20.00 price target for the company. JPMorgan Chase & Co. cut their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Stock Performance

Shares of CLSK opened at $10.09 on Wednesday. CleanSpark has a 12 month low of $3.38 and a 12 month high of $24.72. The company has a 50-day moving average price of $11.73 and a two-hundred day moving average price of $15.32.

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

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 24,922 shares of company stock valued at $242,780. Company insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Scotia Capital Inc. lifted its stake in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after purchasing an additional 1,500 shares during the period. Copperwynd Financial LLC bought a new position in CleanSpark during the fourth quarter worth about $112,000. Intrinsic Edge Capital Management LLC grew its position in shares of CleanSpark by 53.3% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 230,000 shares of the company’s stock worth $2,537,000 after buying an additional 80,000 shares during the period. VitalStone Financial LLC increased its stake in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after acquiring an additional 1,930 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after acquiring an additional 515,314 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.