CleanSpark (NASDAQ:CLSK) Stock Rating Reaffirmed by HC Wainwright

CleanSpark (NASDAQ:CLSK)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They presently have a $27.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 69.28% from the company’s previous close.

Other equities analysts have also issued reports about the stock. 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. Cantor Fitzgerald raised shares of CleanSpark to a “strong-buy” rating in a research note on Wednesday, June 12th. JPMorgan Chase & Co. lowered their target price on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research note on Monday, May 13th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CleanSpark has a consensus rating of “Buy” and an average target price of $19.97.

CleanSpark Price Performance

NASDAQ CLSK opened at $15.95 on Friday. CleanSpark has a twelve month low of $3.38 and a twelve month high of $24.72. The company’s 50-day simple moving average is $17.18 and its 200 day simple moving average is $15.04.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. On average, equities research analysts forecast that CleanSpark will post -0.09 EPS for the current year.

Institutional Investors Weigh In On CleanSpark

Several large investors have recently made changes to their positions in the stock. SRN Advisors LLC bought a new stake in shares of CleanSpark during the first quarter worth $1,405,000. Cetera Advisors LLC grew its position in CleanSpark by 73.4% in the first quarter. Cetera Advisors LLC now owns 19,892 shares of the company’s stock valued at $422,000 after purchasing an additional 8,417 shares in the last quarter. Virtu Financial LLC bought a new position in CleanSpark in the first quarter valued at $237,000. Comerica Bank bought a new position in CleanSpark in the first quarter valued at $1,894,000. Finally, California State Teachers Retirement System grew its position in CleanSpark by 15.7% in the first quarter. California State Teachers Retirement System now owns 185,781 shares of the company’s stock valued at $3,940,000 after purchasing an additional 25,145 shares in the last quarter. 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.