HC Wainwright Reiterates “Buy” Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $27.00 target price on the stock. HC Wainwright’s price objective indicates a potential upside of 189.39% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, CleanSpark has a consensus rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Stock Performance

CLSK stock traded down $0.02 during mid-day trading on Wednesday, reaching $9.33. The company had a trading volume of 12,538,419 shares, compared to its average volume of 30,978,938. CleanSpark has a one year low of $3.38 and a one year high of $24.72. The stock’s 50-day simple moving average is $13.49 and its two-hundred day simple moving average is $16.03.

CleanSpark (NASDAQ:CLSK) last posted its 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 company had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, research analysts predict that CleanSpark will post -0.06 EPS for the current year.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of CLSK. American Capital Advisory LLC purchased a new stake in CleanSpark during the first quarter valued at about $32,000. National Bank of Canada FI boosted its stake in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares during the period. Russell Investments Group Ltd. raised its stake 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 purchasing an additional 787 shares during the period. Hollencrest Capital Management acquired a new stake in shares of CleanSpark in the second quarter worth $48,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of CleanSpark during the first quarter valued at $109,000. 43.12% of the stock is owned by hedge funds and other 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.