Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) Target Price at $22.25

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average rating of “Buy” by the eight ratings firms that are covering the stock, Marketbeat.com reports. Eight research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $22.25.

CLSK has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods started coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Needham & Company LLC started coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Macquarie increased their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Transactions at CleanSpark

In other news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the sale, the chairman now owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,536 shares of company stock valued at $265,748 over the last quarter. 2.65% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

Several institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management grew its position in shares of CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. FMR LLC grew its position in shares of CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares in the last quarter. Prudential Financial Inc. grew its position in shares of CleanSpark by 9.1% during the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after purchasing an additional 1,405 shares in the last quarter. Finally, Corebridge Financial Inc. grew its position in shares of CleanSpark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,507 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Price Performance

Shares of NASDAQ:CLSK opened at $8.90 on Friday. The company has a market cap of $2.50 billion, a P/E ratio of 80.92 and a beta of 4.25. CleanSpark has a 1 year low of $8.04 and a 1 year high of $24.72. The stock’s fifty day moving average price is $10.54 and its 200-day moving average price is $11.19.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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, sell-side analysts anticipate that CleanSpark will post 0.58 earnings per share 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.