Cleanspark (NASDAQ:CLSK) Sets New 1-Year High – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $22.68 and last traded at $21.98, with a volume of 50802349 shares. The stock had previously closed at $20.04.

Analysts Set New Price Targets

A number of analysts have commented on CLSK shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $14.00 price objective (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Needham & Company LLC boosted their price objective on Cleanspark from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Cantor Fitzgerald boosted their price objective on Cleanspark from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Monday, October 6th. B. Riley boosted their price objective on Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Chardan Capital upped their target price on Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cleanspark currently has an average rating of “Moderate Buy” and an average target price of $22.83.

Cleanspark Price Performance

The company has a market capitalization of $5.62 billion, a P/E ratio of 23.52 and a beta of 3.88. The firm has a fifty day moving average price of $12.68 and a 200-day moving average price of $10.76.

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

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of the company’s stock in a transaction that occurred 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 represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently made changes to their positions in CLSK. CX Institutional purchased a new stake in shares of Cleanspark during the first quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Cleanspark during the second quarter worth about $29,000. Fifth Third Bancorp lifted its stake in Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after purchasing an additional 1,694 shares during the last quarter. Strs Ohio bought a new stake in Cleanspark during the first quarter worth about $38,000. Finally, Quarry LP bought a new stake in Cleanspark during the first quarter worth about $47,000. 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.