CleanSpark (NASDAQ:CLSK) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of CleanSpark (NASDAQ:CLSK) to a strong-buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

A number of other equities research analysts have also weighed in on CLSK. HC Wainwright reissued a buy rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, May 10th. JPMorgan Chase & Co. dropped their target price on CleanSpark from $15.00 to $12.50 and set a neutral rating for the company in a research report on Tuesday, June 4th. Chardan Capital reaffirmed a buy rating and issued a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. Finally, BTIG Research upped their price target on CleanSpark from $12.00 to $22.00 and gave the stock a buy rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $19.97.

CleanSpark Trading Down 1.4 %

CleanSpark stock opened at $17.71 on Wednesday. The stock has a fifty day moving average of $16.74 and a 200 day moving average of $14.40. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $111.80 million for the quarter, compared to the consensus estimate of $111.11 million. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. As a group, sell-side analysts forecast that CleanSpark will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In related news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were 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 $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 811,350 shares of company stock valued at $17,486,498. 3.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after purchasing an additional 3,235,171 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in CleanSpark by 119.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock worth $19,384,000 after purchasing an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of CleanSpark by 273.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after acquiring an additional 905,993 shares in the last quarter. Finally, Swiss National Bank acquired a new stake in CleanSpark in the third quarter worth $897,000. 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.