CleanSpark (NASDAQ:CLSK) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of CleanSpark (NASDAQ:CLSK) in a research report report published on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $23.00 price target on the stock.

Several other equities research analysts have also commented on CLSK. Macquarie started coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an outperform rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $12.50 to $10.50 and set a neutral rating on the stock in a report on Friday, August 23rd. Finally, HC Wainwright reaffirmed a buy rating and issued a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, CleanSpark presently has a consensus rating of Moderate Buy and a consensus target price of $19.11.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK opened at $9.58 on Thursday. CleanSpark has a 52-week low of $3.38 and a 52-week high of $24.72. The business has a 50-day moving average price of $10.76 and a 200-day moving average price of $14.99.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. Analysts forecast that CleanSpark will post -0.06 EPS for the current year.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This trade represents a 0.00 % 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 have sold 26,272 shares of company stock valued at $256,874 in the last ninety days. 3.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of CleanSpark by 58.5% in the first 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 in the last quarter. Marshall Wace LLP acquired a new stake in CleanSpark in the 2nd quarter valued at about $18,074,000. Millennium Management LLC boosted its stake in shares of CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after buying an additional 534,825 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of CleanSpark by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of CleanSpark by 21.5% during the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock worth $15,470,000 after buying an additional 171,627 shares in the last quarter. Hedge funds and other 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.