Cleanspark (NASDAQ:CLSK) Coverage Initiated by Analysts at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH began coverage on shares of Cleanspark (NASDAQ:CLSK) in a research report sent to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $20.25 target price on the stock.

A number of other analysts also recently issued reports on the company. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research note on Friday, June 13th. JPMorgan Chase & Co. raised their target price on Cleanspark from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 target price on shares of Cleanspark in a research note on Tuesday, July 8th. B. Riley began coverage on Cleanspark in a research note on Tuesday, July 1st. They issued a “buy” rating and a $16.00 target price for the company. Finally, Cantor Fitzgerald raised their target price on Cleanspark from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $20.69.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $12.03 on Monday. Cleanspark has a 1 year low of $6.45 and a 1 year high of $18.05. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -12.53 and a beta of 4.23. The business’s 50 day moving average price is $10.68 and its 200-day moving average price is $9.56.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same period in the prior year, the company posted $0.59 earnings per share. The firm’s revenue for the quarter was up 62.5% compared to the same quarter last year. On average, sell-side analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds have recently modified their holdings of CLSK. KLP Kapitalforvaltning AS purchased a new position in shares of Cleanspark during the 4th quarter worth $496,000. Vanguard Group Inc. grew its position in Cleanspark by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after acquiring an additional 495,367 shares in the last quarter. Corebridge Financial Inc. grew its position in Cleanspark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after acquiring an additional 1,507 shares in the last quarter. Prudential Financial Inc. grew its position in Cleanspark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after acquiring an additional 1,405 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Cleanspark by 89.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,342 shares of the company’s stock valued at $178,000 after acquiring an additional 9,117 shares in the last quarter. 43.12% of the stock is currently 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.