CleanSpark (NASDAQ:CLSK) Coverage Initiated at Macquarie

Equities research analysts at Macquarie began coverage on shares of CleanSpark (NASDAQ:CLSK) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $20.00 price target on the stock. Macquarie’s price target would indicate a potential upside of 98.22% from the stock’s current price.

A number of other equities research analysts have also issued reports on CLSK. JPMorgan Chase & Co. cut their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Stock Up 8.0 %

Shares of CleanSpark stock opened at $10.09 on Wednesday. The stock’s fifty day moving average is $11.73 and its 200 day moving average is $15.32. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

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

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the company’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 sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 24,922 shares of company stock worth $242,780. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in CleanSpark by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the last quarter. Marshall Wace LLP bought a new position in shares of CleanSpark during the second quarter valued at approximately $18,074,000. Millennium Management LLC raised its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after acquiring an additional 215,124 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in CleanSpark by 21.5% during the 2nd quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after acquiring an additional 171,627 shares during the period. Hedge funds and other 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.