CleanSpark (NASDAQ:CLSK) Receives “Buy” Rating from Chardan Capital

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a research note issued on Tuesday, Benzinga reports. They currently have a $26.00 price target on the stock. Chardan Capital’s target price would indicate a potential upside of 58.83% from the stock’s previous close.

CLSK has been the subject of several other reports. BTIG Research boosted their target price on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Cantor Fitzgerald boosted their target price on CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. boosted their target price on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Trading Down 1.0 %

NASDAQ:CLSK opened at $16.37 on Tuesday. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72. The business’s fifty day moving average is $17.59 and its 200 day moving average is $12.08.

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

Insider Transactions at CleanSpark

In related news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the completion of the sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the sale, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. In the last three months, insiders sold 1,169,620 shares of company stock worth $24,963,509. 3.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. SG Americas Securities LLC raised its position in CleanSpark by 65.7% during the 3rd quarter. SG Americas Securities LLC now owns 43,734 shares of the company’s stock valued at $167,000 after purchasing an additional 17,341 shares during the last quarter. Bank of New York Mellon Corp raised its position in CleanSpark by 32.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 502,345 shares of the company’s stock valued at $1,914,000 after purchasing an additional 124,488 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in CleanSpark during the 3rd quarter valued at approximately $79,000. Mirae Asset Global Investments Co. Ltd. raised its position in CleanSpark by 0.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company’s stock valued at $3,048,000 after purchasing an additional 2,709 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new position in CleanSpark during the 3rd quarter valued at approximately $60,000. Institutional investors own 43.12% of the company’s stock.

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.