Cleanspark (NASDAQ:CLSK) Stock Price Expected to Rise, Macquarie Analyst Says

Cleanspark (NASDAQ:CLSK) had its target price raised by Macquarie from $18.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price objective indicates a potential upside of 98.61% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald upped their price target on shares of Cleanspark from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research note on Friday, June 13th. B. Riley upped their price target on shares of Cleanspark from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday. LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a research note on Monday, July 28th. They set a “buy” rating and a $20.25 price target on the stock. Finally, Wall Street Zen raised shares of Cleanspark from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.47.

Cleanspark Stock Performance

Shares of Cleanspark stock opened at $10.07 on Friday. The company has a market cap of $2.83 billion, a P/E ratio of 11.85 and a beta of 3.72. Cleanspark has a one year low of $6.45 and a one year high of $17.97. The firm has a fifty day moving average of $10.95 and a two-hundred day moving average of $9.55.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 9.19%. The company had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. During the same quarter in the prior year, the firm earned ($1.03) EPS. Cleanspark’s quarterly revenue was up 90.8% on a year-over-year basis. As a group, equities analysts predict that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director directly owned 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently modified their holdings of CLSK. Prudential Financial Inc. boosted its stake in shares of Cleanspark by 9.1% during the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after purchasing an additional 1,405 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Cleanspark by 1.0% during the 4th quarter. Alliancebernstein L.P. now owns 285,305 shares of the company’s stock worth $2,628,000 after purchasing an additional 2,955 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Cleanspark by 58.7% during the 4th quarter. Franklin Resources Inc. now owns 119,679 shares of the company’s stock worth $1,102,000 after purchasing an additional 44,251 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cleanspark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after purchasing an additional 353,807 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Cleanspark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after purchasing an additional 2,196 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.