CleanSpark, Inc. (NASDAQ:CLSK) Given Consensus Rating of “Buy” by Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average rating of “Buy” by the seven ratings firms that are currently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have covered the stock in the last year is $20.71.

CLSK has been the topic of several recent analyst reports. Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Chardan Capital assumed coverage on shares of CleanSpark in a research report on Wednesday, May 21st. They set a “buy” rating and a $20.00 price objective for the company.

Insiders Place Their Bets

In related news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was 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 approximately $1,118,103.33. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director now owns 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its stake in shares of CleanSpark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock worth $4,844,000 after purchasing an additional 386,809 shares during the last quarter. Strs Ohio bought a new position in CleanSpark during the first quarter worth about $38,000. Belpointe Asset Management LLC increased its position in CleanSpark by 87.6% during the first quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company’s stock worth $130,000 after buying an additional 9,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in CleanSpark by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after buying an additional 86,229 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in CleanSpark in the first quarter valued at approximately $125,000. Institutional investors own 43.12% of the company’s stock.

CleanSpark Stock Up 8.5%

Shares of CLSK stock opened at $9.79 on Monday. CleanSpark has a 12-month low of $6.45 and a 12-month high of $20.64. The firm has a fifty day moving average of $8.56 and a 200-day moving average of $9.75. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 89.01 and a beta of 4.23.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The business’s revenue was up 62.5% on a year-over-year basis. Research analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

About CleanSpark

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.