Cleanspark, Inc. (NASDAQ:CLSK) Stock Has Average Price Target of $23.88 According to Brokerages

Cleanspark, Inc. (NASDAQ:CLSK) has received an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $23.35.

CLSK has been the topic of a number of analyst reports. BTIG Research reissued a “buy” rating and issued a $26.00 price target on shares of Cleanspark in a research note on Tuesday, July 14th. B. Riley Financial upped their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Citigroup initiated coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating for the company. Chardan Capital reiterated a “buy” rating and issued a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. Finally, Citizens Jmp began coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price on the stock.

Cleanspark Price Performance

Cleanspark stock opened at $8.75 on Thursday. The firm has a 50 day simple moving average of $12.10 and a 200-day simple moving average of $13.34. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark has a 12-month low of $8.00 and a 12-month high of $20.86.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The business had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same period in the prior year, the firm earned $0.90 EPS. The business’s revenue for the quarter was down 30.5% on a year-over-year basis. Equities analysts anticipate that Cleanspark will post -1.40 earnings per share for the current year.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the transaction, the chief operating officer owned 236,114 shares in the company, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 33,151 shares of company stock valued at $435,473. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Guardian Partners Inc. bought a new position in shares of Cleanspark during the 3rd quarter worth about $125,000. GK Wealth Management LLC bought a new stake in Cleanspark in the third quarter valued at about $52,000. GAMMA Investing LLC increased its stake in Cleanspark by 24.8% in the third quarter. GAMMA Investing LLC now owns 20,844 shares of the company’s stock valued at $268,000 after acquiring an additional 4,146 shares during the period. CoreCap Advisors LLC increased its stake in Cleanspark by 54.2% in the third quarter. CoreCap Advisors LLC now owns 8,584 shares of the company’s stock valued at $111,000 after acquiring an additional 3,019 shares during the period. Finally, Congress Asset Management Co. raised its position in Cleanspark by 21.3% in the third quarter. Congress Asset Management Co. now owns 508,982 shares of the company’s stock worth $6,556,000 after purchasing an additional 89,240 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.