HC Wainwright Reiterates “Buy” Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $27.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 101.49% from the stock’s current price.

Other research analysts have also issued research reports about the company. Macquarie started coverage on CleanSpark in a report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Stock Down 7.7 %

CleanSpark stock traded down $1.12 during mid-day trading on Tuesday, reaching $13.40. The company’s stock had a trading volume of 13,453,427 shares, compared to its average volume of 30,991,998. The firm’s fifty day moving average price is $11.97 and its two-hundred day moving average price is $13.53. CleanSpark has a 12-month low of $6.41 and a 12-month high of $24.72.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 26,272 shares of company stock worth $254,836 in the last 90 days. 2.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CLSK. National Bank of Canada FI lifted its holdings in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares during the period. Hollencrest Capital Management acquired a new position in shares of CleanSpark during the second quarter worth about $48,000. KBC Group NV grew its position in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares during the period. Amalgamated Bank lifted its stake in shares of CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock valued at $122,000 after purchasing an additional 1,194 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

About CleanSpark

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.