Cleanspark (NASDAQ:CLSK) Sets New 1-Year High on Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK) hit a new 52-week high on Tuesday after Cantor Fitzgerald raised their price target on the stock from $23.00 to $24.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cleanspark traded as high as $18.37 and last traded at $18.45, with a volume of 1999030 shares changing hands. The stock had previously closed at $17.43.

A number of other equities analysts have also recently commented on CLSK. B. Riley lifted their price target on Cleanspark from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $14.00 price objective (down from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. BTIG Research reiterated a “buy” rating on shares of Cleanspark in a research report on Friday, June 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cleanspark in a research report on Saturday, September 27th. Finally, Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective on shares of Cleanspark in a research report on Monday, September 8th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cleanspark presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.14.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock worth $187,000 after acquiring an additional 932 shares in the last quarter. Texas Permanent School Fund Corp bought a new stake in Cleanspark in the second quarter worth $548,000. Neuberger Berman Group LLC boosted its holdings in Cleanspark by 374.3% in the second quarter. Neuberger Berman Group LLC now owns 50,120 shares of the company’s stock worth $553,000 after acquiring an additional 39,553 shares in the last quarter. Marex Group plc bought a new stake in Cleanspark in the second quarter worth $247,000. Finally, Public Sector Pension Investment Board boosted its holdings in Cleanspark by 7.6% in the second quarter. Public Sector Pension Investment Board now owns 948,234 shares of the company’s stock worth $10,459,000 after acquiring an additional 66,571 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

Cleanspark Stock Up 3.0%

The company has a fifty day simple moving average of $11.34 and a 200 day simple moving average of $10.17. The firm has a market capitalization of $5.05 billion, a P/E ratio of 21.13 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. During the same period in the previous year, the company posted ($1.03) earnings per share. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. As a group, equities analysts expect that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

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.