HC Wainwright Reaffirms Buy Rating for CleanSpark (NASDAQ:CLSK)

HC Wainwright reiterated their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research note released on Wednesday, Benzinga reports. They currently have a $27.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the company. Macquarie assumed coverage on CleanSpark in a research report on Wednesday. They set an outperform rating and a $20.00 price target on the stock. Cantor Fitzgerald reaffirmed an overweight rating and issued a $23.00 target price on shares of CleanSpark in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. reduced their target price on CleanSpark from $12.50 to $10.50 and set a neutral rating on the stock in a report on Friday, August 23rd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $19.11.

CleanSpark Price Performance

Shares of NASDAQ:CLSK opened at $10.13 on Wednesday. CleanSpark has a 1 year low of $3.38 and a 1 year high of $24.72. The business’s 50 day simple moving average is $11.73 and its 200 day simple moving average is $15.32.

CleanSpark (NASDAQ:CLSK) last issued 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 company had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. On average, equities analysts predict that CleanSpark will post -0.06 EPS for the current year.

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 in the company, valued at approximately $1,266,342. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 26,272 shares of company stock worth $256,874. Insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Scotia Capital Inc. raised its position in CleanSpark by 14.5% during the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after purchasing an additional 1,500 shares during the last quarter. Copperwynd Financial LLC bought a new position in CleanSpark during the 4th quarter worth $112,000. Intrinsic Edge Capital Management LLC raised its position in CleanSpark by 53.3% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 230,000 shares of the company’s stock worth $2,537,000 after purchasing an additional 80,000 shares during the last quarter. VitalStone Financial LLC raised its position in CleanSpark by 21.7% during the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after purchasing an additional 1,930 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after purchasing an additional 515,314 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.