Wall Street Zen Upgrades Cleanspark (NASDAQ:CLSK) to “Hold”

Cleanspark (NASDAQ:CLSK) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald increased their price objective on Cleanspark from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Chardan Capital reaffirmed a “buy” rating and set a $20.00 price objective on shares of Cleanspark in a research report on Tuesday, July 8th. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research report on Friday, June 13th. LADENBURG THALM/SH SH started coverage on Cleanspark in a research report on Monday, July 28th. They set a “buy” rating and a $20.25 price objective on the stock. Finally, JPMorgan Chase & Co. increased their target price on Cleanspark from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Monday, July 28th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cleanspark presently has a consensus rating of “Buy” and an average target price of $20.69.

Cleanspark Trading Down 8.2%

NASDAQ CLSK opened at $10.44 on Friday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $17.97. The stock has a market cap of $2.93 billion, a P/E ratio of -10.87 and a beta of 3.72. The stock’s fifty day moving average price is $10.80 and its 200-day moving average price is $9.57.

Cleanspark (NASDAQ:CLSK) last released 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 business had revenue of $181.71 million for the quarter, compared to analysts’ expectations of $196.43 million. During the same period last year, the business earned $0.59 earnings per share. The company’s quarterly revenue was up 62.5% on a year-over-year basis. As a group, analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director owned 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Cleanspark by 68.6% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company’s stock worth $2,595,000 after buying an additional 114,674 shares during the period. Quadrant Capital Group LLC bought a new position in shares of Cleanspark in the fourth quarter worth about $734,000. Algert Global LLC raised its stake in shares of Cleanspark by 284.1% in the fourth quarter. Algert Global LLC now owns 198,862 shares of the company’s stock worth $1,832,000 after buying an additional 147,086 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Cleanspark by 27.7% in the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company’s stock worth $2,684,000 after buying an additional 63,123 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Cleanspark by 128.9% in the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company’s stock worth $10,613,000 after buying an additional 889,317 shares during the period. 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.