Cleanspark, Inc. (NASDAQ:CLSK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Cleanspark, Inc. (NASDAQ:CLSK) have received a consensus recommendation of “Moderate Buy” from the eleven analysts that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $24.1250.

Several research firms recently commented on CLSK. LADENBURG THALM/SH SH assumed coverage on Cleanspark in a research note on Monday, July 28th. They issued a “buy” rating and a $20.25 target price for the company. Chardan Capital boosted their price target on Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 13th. B. Riley boosted their price target on Cleanspark from $17.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. HC Wainwright set a $30.00 price target on Cleanspark and gave the company a “buy” rating in a research report on Wednesday. Finally, Macquarie boosted their price target on Cleanspark from $20.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the sale, the chief operating officer 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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 the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cleanspark in the second quarter worth about $29,000. Fifth Third Bancorp boosted its position in shares of Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after buying an additional 1,694 shares during the period. Salomon & Ludwin LLC purchased a new stake in shares of Cleanspark in the third quarter worth about $32,000. Strs Ohio purchased a new stake in shares of Cleanspark in the first quarter worth about $38,000. Finally, Quarry LP purchased a new stake in shares of Cleanspark in the first quarter worth about $47,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Trading Down 1.4%

Cleanspark stock opened at $18.89 on Thursday. The firm has a market capitalization of $5.31 billion, a P/E ratio of 22.22 and a beta of 3.88. The stock has a fifty day moving average price of $14.33 and a 200 day moving average price of $11.54. Cleanspark has a 52 week low of $6.45 and a 52 week high of $23.61.

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