Cleanspark, Inc. (NASDAQ:CLSK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Cleanspark, Inc. (NASDAQ:CLSK) have been given an average rating of “Moderate Buy” by the eleven brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $20.1389.

A number of brokerages recently weighed in on CLSK. Chardan Capital restated a “buy” rating and set a $20.00 target price on shares of Cleanspark in a report on Monday, September 8th. LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a report on Monday, July 28th. They set a “buy” rating and a $20.25 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Cleanspark in a report on Wednesday. Wall Street Zen upgraded shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $14.00 target price (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th.

Insiders Place Their Bets

In related news, COO Taylor Monnig sold 63,713 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in Cleanspark by 7.6% during the fourth quarter. California State Teachers Retirement System now owns 236,433 shares of the company’s stock worth $2,178,000 after purchasing an additional 16,789 shares during the period. GAMMA Investing LLC boosted its position in Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company’s stock worth $82,000 after purchasing an additional 8,212 shares during the period. Rhumbline Advisers boosted its position in Cleanspark by 115.8% during the first quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock worth $4,844,000 after purchasing an additional 386,809 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in Cleanspark by 16.3% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 53,860 shares of the company’s stock worth $362,000 after purchasing an additional 7,537 shares during the period. Finally, Congress Asset Management Co. bought a new position in Cleanspark during the first quarter worth $2,352,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Up 5.8%

Shares of CLSK opened at $20.09 on Friday. The stock has a market capitalization of $5.65 billion, a P/E ratio of 23.64 and a beta of 3.88. Cleanspark has a twelve month low of $6.45 and a twelve month high of $20.58. The company has a 50 day moving average of $11.67 and a 200-day moving average of $10.31.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.71. The company had revenue of $198.64 million during the quarter, compared to analysts’ expectations of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The business’s quarterly revenue was up 90.8% on a year-over-year basis. During the same period last year, the business earned ($1.03) EPS. On average, sell-side analysts anticipate that Cleanspark will post 0.58 earnings per share for the current fiscal 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.