Cleanspark’s (CLSK) Buy Rating Reaffirmed at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Cleanspark (NASDAQ:CLSK) in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a $20.00 price target on the stock.

CLSK has been the subject of a number of other reports. JPMorgan Chase & Co. raised their price target on shares of Cleanspark from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, June 13th. BTIG Research restated a “buy” rating on shares of Cleanspark in a research note on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $21.00.

Cleanspark Stock Performance

Shares of NASDAQ:CLSK opened at $10.67 on Wednesday. The business’s 50-day simple moving average is $9.26 and its 200 day simple moving average is $9.36. The company has a market cap of $3.00 billion, a P/E ratio of -11.11 and a beta of 4.23. Cleanspark has a one year low of $6.45 and a one year high of $20.49.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same period last year, the business earned $0.59 EPS. The firm’s revenue was up 62.5% compared to the same quarter last year. Analysts predict that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Rhumbline Advisers increased its holdings in shares of Cleanspark by 10.7% in the 4th quarter. Rhumbline Advisers now owns 334,094 shares of the company’s stock valued at $3,077,000 after acquiring an additional 32,236 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Cleanspark by 56.5% in the 4th quarter. Sanctuary Advisors LLC now owns 74,930 shares of the company’s stock valued at $690,000 after buying an additional 27,048 shares during the period. Truist Financial Corp grew its position in shares of Cleanspark by 58.4% during the 4th quarter. Truist Financial Corp now owns 83,371 shares of the company’s stock valued at $768,000 after buying an additional 30,730 shares during the last quarter. Global Retirement Partners LLC raised its stake in Cleanspark by 5,920.0% during the fourth quarter. Global Retirement Partners LLC now owns 15,050 shares of the company’s stock worth $139,000 after acquiring an additional 14,800 shares during the period. Finally, Ieq Capital LLC acquired a new stake in shares of Cleanspark during the 4th quarter worth approximately $430,000. Institutional investors and hedge funds 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.