CleanSpark (NASDAQ:CLSK) Stock Rating Reaffirmed by HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report issued on Wednesday, Benzinga reports. They currently have a $27.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 191.89% from the company’s previous close.

CLSK has been the topic of several other research reports. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research note on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.97.

CleanSpark Trading Down 0.4 %

CLSK opened at $9.25 on Wednesday. The stock has a 50-day moving average of $13.35 and a 200 day moving average of $15.98. CleanSpark has a 12 month low of $3.38 and a 12 month high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Friday, August 9th. The company reported $0.01 EPS 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 company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. On average, analysts expect that CleanSpark will post -0.06 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 26,272 shares of company stock worth $264,421 over the last 90 days. Company insiders own 3.46% of the company’s stock.

Institutional Trading of CleanSpark

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after purchasing an additional 3,235,171 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of CleanSpark by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after purchasing an additional 142,078 shares during the period. Millennium Management LLC boosted its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares during the period. Finally, Marshall Wace LLP bought a new position in CleanSpark in the second quarter worth approximately $18,074,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.