CleanSpark (NASDAQ:CLSK) Upgraded by Chardan Capital to Strong-Buy Rating

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

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

CleanSpark Stock Performance

Shares of NASDAQ:CLSK opened at $8.73 on Monday. The firm’s 50 day simple moving average is $9.55 and its 200-day simple moving average is $10.77. CleanSpark has a one year low of $7.22 and a one year high of $24.72. The firm has a market cap of $2.45 billion, a PE ratio of 79.37 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating 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 research analysts predict that CleanSpark will post 0.58 EPS for the current fiscal year.

Insider Activity at CleanSpark

In other news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was 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 in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,186 shares of company stock valued at $349,985 in the last ninety days. Corporate insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after purchasing an additional 495,367 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CleanSpark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after buying an additional 353,807 shares during the period. State Street Corp boosted its stake in shares of CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after buying an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in CleanSpark during the fourth quarter worth about $39,940,000. Finally, Invesco Ltd. raised its position in CleanSpark by 44.2% during 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 in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.