Cleanspark (NASDAQ:CLSK) Shares Up 4.6% After Analyst Upgrade

Shares of Cleanspark, Inc. (NASDAQ:CLSK) traded up 4.6% during trading on Tuesday after B. Riley raised their price target on the stock from $17.00 to $25.00. B. Riley currently has a buy rating on the stock. Cleanspark traded as high as $20.62 and last traded at $20.96. 10,719,920 shares were traded during trading, a decline of 59% from the average session volume of 26,117,656 shares. The stock had previously closed at $20.04.

CLSK has been the subject of several other research reports. Chardan Capital raised their price objective on shares of Cleanspark from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $14.00 price objective (down previously from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. Macquarie raised their price objective on shares of Cleanspark from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. BTIG Research raised their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.83.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently made changes to their positions in CLSK. Vanguard Group Inc. raised its stake in shares of Cleanspark by 22.8% during the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock worth $162,259,000 after purchasing an additional 4,489,866 shares during the period. Principal Financial Group Inc. raised its stake in Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company’s stock valued at $9,327,000 after acquiring an additional 1,366,752 shares during the period. Nuveen LLC bought a new stake in Cleanspark in the 1st quarter valued at about $8,109,000. Bank of New York Mellon Corp grew its holdings in Cleanspark by 128.9% during the 1st quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company’s stock valued at $10,613,000 after buying an additional 889,317 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in Cleanspark during the 1st quarter valued at about $5,925,000. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Trading Up 9.7%

The firm has a market cap of $6.18 billion, a PE ratio of 25.86 and a beta of 3.88. The stock has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $10.59.

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

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.