Cleanspark (NASDAQ:CLSK) Given New $24.00 Price Target at Sanford C. Bernstein

Cleanspark (NASDAQ:CLSK) had its price objective boosted by Sanford C. Bernstein from $20.00 to $24.00 in a report released on Monday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. B. Riley lifted their price target on shares of Cleanspark from $17.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. Cantor Fitzgerald upped their price objective on shares of Cleanspark from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. Needham & Company LLC upped their price objective on shares of Cleanspark from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Cleanspark in a research report on Monday, July 28th. They set a “buy” rating and a $20.25 price objective for the company. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.11.

Cleanspark Trading Down 2.1%

Cleanspark stock opened at $17.42 on Monday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61. The stock’s 50 day simple moving average is $14.82 and its two-hundred day simple moving average is $11.79. The firm has a market cap of $5.19 billion, a PE ratio of 20.49 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. During the same quarter in the prior year, the firm posted ($1.03) EPS. The business’s quarterly revenue was up 90.8% compared to the same quarter last year. On average, equities research analysts forecast 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 the firm’s 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 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Cleanspark in the 1st quarter worth $8,109,000. Public Sector Pension Investment Board acquired a new stake in Cleanspark during the first quarter worth about $5,925,000. Rhumbline Advisers increased its position in Cleanspark by 115.8% during the first quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock worth $4,844,000 after purchasing an additional 386,809 shares during the last quarter. Swiss National Bank increased its position in Cleanspark by 13.8% during the first quarter. Swiss National Bank now owns 566,800 shares of the company’s stock worth $3,809,000 after purchasing an additional 68,900 shares during the last quarter. Finally, Mutual of America Capital Management LLC acquired a new stake in Cleanspark during the first quarter worth about $272,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.