Cleanspark (NASDAQ:CLSK) Price Target Raised to $30.00 at Chardan Capital

Cleanspark (NASDAQ:CLSK) had its target price hoisted by Chardan Capital from $20.00 to $30.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on CLSK. JPMorgan Chase & Co. reissued a “neutral” rating and set a $14.00 price objective (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Needham & Company LLC boosted their price objective on shares of Cleanspark from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday. B. Riley boosted their target price on shares of Cleanspark from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, August 8th. BTIG Research boosted their target price on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Monday. Finally, Macquarie boosted their target price on shares of Cleanspark from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cleanspark currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.03.

Cleanspark Stock Up 3.9%

CLSK opened at $20.04 on Monday. The firm has a 50 day moving average price of $12.03 and a 200-day moving average price of $10.51. Cleanspark has a twelve month low of $6.45 and a twelve month high of $22.12. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 23.58 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The firm had revenue of $198.64 million during the quarter, compared to analysts’ expectations of $191.33 million. During the same period in the previous year, the company earned ($1.03) earnings per share. The firm’s quarterly revenue was up 90.8% on a year-over-year basis. As a group, analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at $1,097,473.44. This trade represents a 34.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.65% of the stock is owned by corporate insiders.

Institutional Trading of Cleanspark

Institutional investors have recently modified their holdings of the company. CX Institutional purchased a new position in shares of Cleanspark in the 1st quarter valued at approximately $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Cleanspark in the 2nd quarter valued at approximately $29,000. Fifth Third Bancorp raised its position in shares of Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares during the last quarter. Strs Ohio purchased a new position in shares of Cleanspark in the 1st quarter valued at approximately $38,000. Finally, Quarry LP purchased a new position in shares of Cleanspark in the 1st quarter valued at approximately $47,000. 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.