CleanSpark, Inc. (NASDAQ:CLSK) Receives $21.57 Consensus Price Target from Brokerages

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have earned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $21.57.

Several equities analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price target 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 target for the company. Finally, Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,186 shares of company stock valued at $246,375. 2.65% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. State of New Jersey Common Pension Fund D lifted its holdings in shares of CleanSpark by 49.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 163,123 shares of the company’s stock worth $1,524,000 after buying an additional 54,169 shares in the last quarter. Apollon Wealth Management LLC bought a new position in shares of CleanSpark in the third quarter worth $183,000. Victory Capital Management Inc. increased its position in shares of CleanSpark by 2.6% in the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after purchasing an additional 1,709 shares during the period. KBC Group NV increased its position in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares during the period. Finally, Quest Partners LLC bought a new position in shares of CleanSpark in the third quarter worth $374,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Performance

NASDAQ CLSK opened at $7.44 on Wednesday. The business has a 50 day simple moving average of $9.61 and a 200 day simple moving average of $10.76. CleanSpark has a 52-week low of $7.22 and a 52-week high of $24.72. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 67.64 and a beta of 4.20.

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

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.