CleanSpark’s (CLSK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CleanSpark (NASDAQ:CLSK) in a research note released on Friday morning,Benzinga reports. The firm currently has a $27.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. Macquarie raised their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.57.

CleanSpark Stock Up 9.2 %

CleanSpark stock opened at $11.33 on Friday. The company has a market capitalization of $3.18 billion, a PE ratio of -19.53 and a beta of 4.24. CleanSpark has a 12-month low of $8.04 and a 12-month high of $24.72. The firm’s fifty day moving average is $11.33 and its 200 day moving average is $11.64.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. Sell-side analysts expect that CleanSpark will post 0.18 EPS for the current fiscal year.

Institutional Trading of CleanSpark

Institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers boosted its holdings in CleanSpark by 84.8% during the second quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock worth $1,994,000 after purchasing an additional 57,354 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of CleanSpark in the 2nd quarter worth approximately $286,000. Handelsbanken Fonder AB boosted its stake in shares of CleanSpark by 32.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 56,000 shares of the company’s stock worth $523,000 after buying an additional 13,700 shares during the last quarter. Tobam grew its holdings in shares of CleanSpark by 65.5% in the third quarter. Tobam now owns 33,914 shares of the company’s stock valued at $317,000 after acquiring an additional 13,427 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of CleanSpark by 45.7% during the third quarter. Exchange Traded Concepts LLC now owns 568,086 shares of the company’s stock valued at $5,306,000 after acquiring an additional 178,117 shares during the last quarter. 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.