CleanSpark (NASDAQ:CLSK) Rating Reiterated by HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report issued on Monday, Benzinga reports. They presently have a $27.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 86.46% from the stock’s current price.

Several other research firms have also issued reports on CLSK. Chardan Capital raised their price objective on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald raised their price objective on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. raised their price objective on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Finally, BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Stock Performance

NASDAQ CLSK opened at $14.48 on Monday. The business has a 50 day simple moving average of $17.11 and a two-hundred day simple moving average of $10.52. CleanSpark has a 1-year low of $3.33 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.26. The business had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. As a group, equities analysts anticipate that CleanSpark will post -0.3 EPS for the current year.

Insider Buying and Selling

In related news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total transaction of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares of the company’s stock, valued at approximately $11,603,403.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other CleanSpark news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of CleanSpark stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total transaction of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares of the company’s stock, valued at approximately $11,603,403.63. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The disclosure for this sale can be found here. In the last three months, insiders sold 1,169,620 shares of company stock valued at $24,963,509. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares 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 valued at $130,000 after purchasing an additional 1,500 shares in the last quarter. American International Group Inc. increased its holdings in shares of CleanSpark by 8.9% in the 1st quarter. American International Group Inc. now owns 19,814 shares of the company’s stock valued at $245,000 after acquiring an additional 1,612 shares during the period. VitalStone Financial LLC increased its holdings in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after acquiring an additional 1,930 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after acquiring an additional 2,150 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of CleanSpark by 18.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,374 shares of the company’s stock valued at $46,000 after acquiring an additional 2,574 shares during the period. 43.12% of the stock is owned by institutional investors.

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.