Cleanspark (NASDAQ:CLSK) Rating Lowered to Strong Sell at Zacks Research

Cleanspark (NASDAQ:CLSK) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other research firms have also recently weighed in on CLSK. Citigroup assumed coverage on Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating for the company. Weiss Ratings raised Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. BTIG Research reaffirmed a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a report on Tuesday, July 14th. Needham & Company LLC increased their target price on Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods increased their target price on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.11.

Cleanspark Stock Performance

Shares of Cleanspark stock opened at $7.88 on Thursday. Cleanspark has a twelve month low of $7.82 and a twelve month high of $20.86. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The business has a 50-day moving average price of $11.95 and a 200-day moving average price of $13.30.

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

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66. Following the transaction, the chief operating officer owned 236,114 shares in the company, valued at $3,149,760.76. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 33,151 shares of company stock worth $435,473 over the last ninety days. 2.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently made changes to their positions in CLSK. Dimensional Fund Advisors LP boosted its stake in shares of Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after purchasing an additional 6,323,715 shares during the period. Situational Awareness LP raised its position in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the period. Bank of America Corp DE raised its position in Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC lifted its stake in Cleanspark by 617.3% in the first quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after purchasing an additional 770,000 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in Cleanspark by 214.8% in the second quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock worth $7,457,000 after purchasing an additional 349,658 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

About Cleanspark

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.