Needham & Company LLC Forecasts Strong Price Appreciation for Cleanspark (NASDAQ:CLSK) Stock

Cleanspark (NASDAQ:CLSK) had its price objective raised by equities research analysts at Needham & Company LLC from $21.00 to $23.00 in a report issued on Friday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 19.29% from the company’s previous close.

Other equities analysts have also issued reports about the stock. BTIG Research restated a “buy” rating on shares of Cleanspark in a research report on Friday, June 13th. Macquarie increased their price target on Cleanspark from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Cantor Fitzgerald increased their price target on Cleanspark from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $14.00 target price (down from $15.00) on shares of Cleanspark in a research note on Friday, September 26th. Finally, B. Riley raised their target price on Cleanspark from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.47.

Cleanspark Trading Down 4.0%

Shares of CLSK opened at $19.28 on Friday. Cleanspark has a 1 year low of $6.45 and a 1 year high of $22.12. The stock has a 50 day simple moving average of $11.84 and a 200-day simple moving average of $10.40. The stock has a market cap of $5.42 billion, a PE ratio of 22.68 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.03) earnings per share. On average, sell-side analysts forecast that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after buying an additional 4,489,866 shares during the last quarter. Geode Capital Management LLC boosted its position in Cleanspark by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company’s stock valued at $83,139,000 after buying an additional 101,401 shares during the last quarter. Invesco Ltd. boosted its position in Cleanspark by 2.1% in the 2nd quarter. Invesco Ltd. now owns 3,672,324 shares of the company’s stock valued at $40,506,000 after buying an additional 74,922 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cleanspark by 26.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company’s stock valued at $20,951,000 after buying an additional 652,811 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Cleanspark by 16.0% in the 1st quarter. Northern Trust Corp now owns 2,807,078 shares of the company’s stock valued at $18,864,000 after buying an additional 388,021 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.