Cleanspark (NASDAQ:CLSK) Shares Up 10.2% – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK) shares shot up 10.2% on Tuesday. The company traded as high as $7.89 and last traded at $7.8810. 3,790,090 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 21,911,102 shares. The stock had previously closed at $7.15.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Zacks Research downgraded Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. BTIG Research reissued a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a research note on Tuesday, July 14th. HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a research report on Friday, August 7th. Canaccord Genuity Group initiated coverage on Cleanspark in a report on Thursday, October 22nd. They set a “buy” rating and a $20.00 price target for the company. Finally, Needham & Company LLC upped their price target on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cleanspark currently has a consensus rating of “Moderate Buy” and an average target price of $22.65.

Cleanspark Stock Up 11.4%

The stock has a fifty day moving average of $11.44 and a 200 day moving average of $12.32. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91. The firm has a market capitalization of $2.05 billion, a P/E ratio of -2.11 and a beta of 3.84.

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 analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. During the same quarter last year, the company earned $0.90 EPS. The firm’s revenue for the quarter was down 30.5% compared to the same quarter last year. On average, research analysts anticipate that Cleanspark, Inc. will post -1.40 EPS for the current fiscal year.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction dated 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 directly owned 236,114 shares of the company’s stock, valued at approximately $3,149,760.76. The trade was a 9.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 33,151 shares of company stock valued at $435,473. 2.08% of the stock is currently owned by insiders.

Institutional Trading of Cleanspark

Several hedge funds have recently added to or reduced their stakes in CLSK. Situational Awareness LP boosted its stake in Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after acquiring an additional 10,635,739 shares during the last quarter. Dimensional Fund Advisors LP increased 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 last quarter. Bank of America Corp DE increased its stake in shares of Cleanspark by 49.2% during 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 last quarter. Intrinsic Edge Capital Management LLC increased its stake in shares of Cleanspark by 617.3% during the 1st 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, Assenagon Asset Management S.A. bought a new stake in shares of Cleanspark in the 2nd quarter worth approximately $5,521,000. 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.