Macquarie Forecasts Strong Price Appreciation for Cleanspark (NASDAQ:CLSK) Stock

Cleanspark (NASDAQ:CLSK) had its price target upped by stock analysts at Macquarie from $20.00 to $30.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price objective would suggest a potential upside of 69.78% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald raised their price target on Cleanspark from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, October 6th. Wall Street Zen raised Cleanspark from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. B. Riley lifted their target price on Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. BTIG Research lifted their target price on Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 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 presently has an average rating of “Moderate Buy” and an average target price of $23.83.

Cleanspark Stock Performance

Shares of NASDAQ:CLSK opened at $17.67 on Wednesday. The company has a market cap of $4.97 billion, a P/E ratio of 20.79 and a beta of 3.88. The stock’s 50-day moving average is $13.55 and its 200-day moving average is $11.15. Cleanspark has a 52-week low of $6.45 and a 52-week high of $23.61.

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

Insiders Place Their Bets

In other Cleanspark 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 of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors have recently added to or reduced their stakes in CLSK. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Cleanspark during the second quarter valued at approximately $29,000. Fifth Third Bancorp boosted its holdings in Cleanspark by 145.3% during the second 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 in the last quarter. Salomon & Ludwin LLC acquired a new stake in Cleanspark during the third quarter valued at approximately $32,000. Strs Ohio acquired a new stake in Cleanspark during the first quarter valued at approximately $38,000. Finally, Quarry LP acquired a new stake in Cleanspark during the first quarter valued at approximately $47,000. 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.