CleanSpark (NASDAQ:CLSK) Now Covered by Macquarie

Stock analysts at Macquarie started coverage on shares of CleanSpark (NASDAQ:CLSK) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $20.00 price target on the stock. Macquarie’s price objective would indicate a potential upside of 98.22% from the company’s current price.

CLSK has been the subject of several other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research report on Tuesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. reduced their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, CleanSpark presently has an average rating of “Moderate Buy” and a consensus price target of $19.11.

CleanSpark Trading Up 8.0 %

Shares of NASDAQ CLSK opened at $10.09 on Wednesday. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72. The stock has a 50 day moving average price of $11.73 and a 200 day moving average price of $15.32.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. Research analysts predict that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 24,922 shares of company stock valued at $242,780. 3.46% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank raised its holdings in shares of CleanSpark by 21.3% during the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after purchasing an additional 64,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after purchasing an additional 515,314 shares during the period. Comerica Bank purchased a new stake in CleanSpark during the first quarter worth $1,894,000. SRN Advisors LLC acquired a new stake in CleanSpark during the first quarter valued at $1,405,000. Finally, ProShare Advisors LLC increased its stake in shares of CleanSpark by 39.8% in the 1st quarter. ProShare Advisors LLC now owns 34,654 shares of the company’s stock valued at $735,000 after purchasing an additional 9,858 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.