CleanSpark, Inc. (NASDAQ:CLSK) Receives $19.11 Consensus Target Price from Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has earned an average rating of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $19.11.

CLSK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Finally, Macquarie started coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark 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 completion of the sale, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 26,272 shares of company stock valued at $250,003 in the last ninety days. 3.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. National Bank of Canada FI raised its holdings in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares in the last quarter. Hollencrest Capital Management acquired a new stake in shares of CleanSpark in the 2nd quarter valued at approximately $48,000. Russell Investments Group Ltd. grew its holdings in shares of 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 last quarter. DekaBank Deutsche Girozentrale increased its position in CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in CleanSpark in the 1st quarter valued at approximately $109,000. 43.12% of the stock is owned by institutional investors.

CleanSpark Price Performance

CleanSpark stock opened at $11.39 on Friday. The company’s 50 day simple moving average is $10.19 and its 200 day simple moving average is $14.13. CleanSpark has a fifty-two week low of $3.46 and a fifty-two week high of $24.72.

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

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.