CleanSpark (NASDAQ:CLSK) Price Target Increased to $20.00 by Analysts at Cantor Fitzgerald

CleanSpark (NASDAQ:CLSK) had its price objective upped by Cantor Fitzgerald from $10.00 to $20.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential downside of 8.51% from the stock’s previous close.

A number of other brokerages also recently issued reports on CLSK. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 price target (down previously from $9.00) on shares of CleanSpark in a research report on Friday, December 8th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday. BTIG Research increased their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Finally, Chardan Capital lifted their target price on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CleanSpark currently has an average rating of “Moderate Buy” and a consensus price target of $18.05.

CleanSpark Price Performance

Shares of NASDAQ CLSK traded down $1.25 during midday trading on Thursday, reaching $21.86. 24,501,814 shares of the stock were exchanged, compared to its average volume of 35,659,445. The firm has a 50-day simple moving average of $14.77 and a two-hundred day simple moving average of $9.34. CleanSpark has a twelve month low of $2.38 and a twelve month high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. Analysts expect that CleanSpark will post -0.3 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction 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 owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now directly owns 141,381 shares of the company’s stock, valued at approximately $2,523,650.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,169,620 shares of company stock worth $24,963,509. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after buying an additional 515,314 shares during the last quarter. American International Group Inc. increased its stake in CleanSpark by 34.9% during the fourth quarter. American International Group Inc. now owns 74,458 shares of the company’s stock worth $821,000 after acquiring an additional 19,268 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in CleanSpark by 70.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 90,723 shares of the company’s stock valued at $1,001,000 after purchasing an additional 37,571 shares during the period. Legal & General Group Plc lifted its stake in shares of CleanSpark by 20.6% in the 4th quarter. Legal & General Group Plc now owns 148,856 shares of the company’s stock valued at $1,641,000 after purchasing an additional 25,385 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of CleanSpark by 243.8% during the 4th quarter. Barclays PLC now owns 245,942 shares of the company’s stock worth $2,714,000 after purchasing an additional 174,406 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.