CleanSpark (NASDAQ:CLSK) Raised to “Strong-Buy” at Chardan Capital

CleanSpark (NASDAQ:CLSK) was upgraded by Chardan Capital to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms have also issued reports on CLSK. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $21.57.

CleanSpark Trading Down 0.7 %

CLSK opened at $8.73 on Monday. The firm’s 50 day simple moving average is $9.55 and its two-hundred day simple moving average is $10.77. The company has a market capitalization of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20. CleanSpark has a 1-year low of $7.22 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Equities analysts forecast that CleanSpark will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,186 shares of company stock worth $349,985. Corporate insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. purchased a new position in shares of CleanSpark in the 4th quarter worth approximately $39,940,000. Price T Rowe Associates Inc. MD boosted its stake in CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock worth $15,538,000 after buying an additional 1,536,145 shares during the period. Jump Financial LLC purchased a new position in CleanSpark during the fourth quarter worth $13,443,000. Shaolin Capital Management LLC bought a new position in CleanSpark during the fourth quarter valued at $8,559,000. Finally, Invesco Ltd. raised its stake in shares of CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after acquiring an additional 914,279 shares during the period. 43.12% of the stock is owned by 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.