CleanSpark, Inc. (NASDAQ:CLSK) Receives $20.13 Average Price Target from Brokerages

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average recommendation of “Moderate Buy” by the six research firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $19.30.

A number of equities analysts have recently commented on CLSK shares. Cantor Fitzgerald reduced their price objective on shares of CleanSpark from $28.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut 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. Chardan Capital reiterated a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research note on Monday, May 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Monday.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in CleanSpark by 21.7% in the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after buying an additional 1,345,135 shares in the last quarter. Arizona State Retirement System boosted its position in CleanSpark by 40.0% in the fourth quarter. Arizona State Retirement System now owns 42,671 shares of the company’s stock valued at $471,000 after buying an additional 12,190 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in CleanSpark by 119.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after buying an additional 957,372 shares in the last quarter. Vontobel Holding Ltd. boosted its position in CleanSpark by 72.8% in the fourth quarter. Vontobel Holding Ltd. now owns 42,744 shares of the company’s stock valued at $471,000 after buying an additional 18,011 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in CleanSpark by 73.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,884 shares of the company’s stock valued at $396,000 after buying an additional 15,162 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

CleanSpark Stock Performance

CleanSpark stock opened at $11.16 on Tuesday. The firm has a 50-day moving average of $16.18 and a 200-day moving average of $16.33. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

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.