CleanSpark’s (CLSK) Buy Rating Reaffirmed at HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Friday, Benzinga reports. They currently have a $27.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 69.28% from the stock’s previous close.

Several other analysts have also issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Chardan Capital reiterated a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research note on Monday, May 13th. BTIG Research upped their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Finally, Cantor Fitzgerald upgraded shares of CleanSpark to a “strong-buy” rating in a research note on Wednesday, June 12th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CleanSpark currently has an average rating of “Buy” and an average price target of $19.97.

CleanSpark Stock Performance

Shares of CLSK stock opened at $15.95 on Friday. The firm has a fifty day simple moving average of $17.18 and a two-hundred day simple moving average of $15.04. CleanSpark has a 12 month low of $3.38 and a 12 month high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The business had revenue of $111.80 million during the quarter, compared to analyst estimates of $111.11 million. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. As a group, analysts predict that CleanSpark will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On CleanSpark

Institutional investors have recently added to or reduced their stakes in the stock. American Capital Advisory LLC bought a new position in CleanSpark during the first quarter valued at about $32,000. Russell Investments Group Ltd. boosted its position in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after purchasing an additional 787 shares during the period. Banque Cantonale Vaudoise bought a new position in CleanSpark during the first quarter worth about $109,000. VitalStone Financial LLC boosted its position in CleanSpark by 952.7% during the third quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock worth $33,000 after purchasing an additional 8,050 shares during the period. Finally, Signaturefd LLC boosted its position in CleanSpark by 100.0% during the fourth quarter. Signaturefd LLC now owns 9,000 shares of the company’s stock worth $99,000 after purchasing an additional 4,500 shares during the period. 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.