Cleanspark, Inc. (NASDAQ:CLSK) Receives $20.47 Consensus Price Target from Analysts

Cleanspark, Inc. (NASDAQ:CLSK) has earned an average rating of “Buy” from the ten analysts that are covering the firm, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have covered the stock in the last year is $20.4722.

A number of research firms have recently issued reports on CLSK. Macquarie increased their price objective on shares of Cleanspark from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Cantor Fitzgerald increased their price target on shares of Cleanspark from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. B. Riley upped their price target on Cleanspark from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Chardan Capital reaffirmed a “buy” rating and set a $20.00 target price on shares of Cleanspark in a research report on Monday, September 8th. Finally, Wall Street Zen upgraded shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd.

Cleanspark Price Performance

Shares of CLSK stock opened at $10.35 on Wednesday. The company has a market capitalization of $2.91 billion, a P/E ratio of 12.18 and a beta of 3.65. The company’s 50-day simple moving average is $10.75 and its two-hundred day simple moving average is $9.44. Cleanspark has a one year low of $6.45 and a one year high of $17.97.

Cleanspark (NASDAQ:CLSK) last announced its quarterly 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. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. During the same quarter last year, the firm posted ($1.03) earnings per share. The business’s revenue for the quarter was up 90.8% on a year-over-year basis. On average, research analysts expect that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, COO Taylor Monnig sold 63,713 shares of the company’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 directly owned 120,337 shares of the company’s stock, valued at $1,097,473.44. This represents a 34.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors and hedge funds have recently modified their holdings of CLSK. Vanguard Group Inc. grew its position in 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. lifted its stake in shares of 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 purchasing an additional 1,366,752 shares during the period. Nuveen LLC purchased a new position in Cleanspark in the first quarter valued at $8,109,000. Bank of New York Mellon Corp grew its position in shares of 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 acquiring an additional 889,317 shares during the period. Finally, Public Sector Pension Investment Board acquired a new position in Cleanspark in the 1st quarter worth about $5,925,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.