Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) PT at $18.97

CleanSpark, Inc. (NASDAQ:CLSK) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $19.11.

A number of analysts have recently commented on CLSK shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 25th. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. Macquarie started coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Tuesday, September 3rd.

CleanSpark Stock Down 7.8 %

Shares of CleanSpark stock opened at $8.61 on Wednesday. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72. The company has a 50-day simple moving average of $11.40 and a two-hundred day simple moving average of $15.21.

CleanSpark (NASDAQ:CLSK) last announced its quarterly 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 the consensus estimate of $114.04 million. As a group, analysts anticipate that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 26,272 shares of company stock valued at $256,874 over the last 90 days. 3.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in CleanSpark by 58.5% during 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 in the last quarter. Marshall Wace LLP purchased a new stake in CleanSpark during the second quarter valued at $18,074,000. Millennium Management LLC raised its stake in CleanSpark by 74.6% during 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 in the last quarter. Bank of New York Mellon Corp raised its stake in CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in CleanSpark by 21.5% during the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after purchasing an additional 171,627 shares in the last quarter. 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.