Cleanspark (NASDAQ:CLSK) Cut to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Cleanspark (NASDAQ:CLSK) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm currently has $9.50 price objective on the stock.

A number of other brokerages have also commented on CLSK. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Cantor Fitzgerald decreased their target price on shares of Cleanspark from $26.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Chardan Capital reissued a “buy” rating and set a $21.00 price target on shares of Cleanspark in a research note on Monday, August 10th. Finally, BTIG Research restated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and an average target price of $20.71.

Cleanspark Stock Performance

Shares of NASDAQ CLSK opened at $6.16 on Wednesday. The stock has a market cap of $1.58 billion, a PE ratio of -1.63 and a beta of 3.66. The firm has a fifty day moving average price of $10.98 and a 200-day moving average price of $12.19. Cleanspark has a 1 year low of $5.53 and a 1 year high of $19.17. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results 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). The business had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. Cleanspark’s revenue was down 30.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Equities analysts anticipate that Cleanspark will post -1.40 earnings per share for the current fiscal year.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the transaction, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at $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 this link. Insiders sold a total of 33,151 shares of company stock worth $435,473 over the last ninety days. 2.08% of the stock is currently owned by insiders.

Institutional Trading of Cleanspark

Hedge funds have recently made changes to their positions in the stock. CoreCap Advisors LLC increased its position in shares of Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after purchasing an additional 800 shares in the last quarter. CX Institutional lifted its holdings in shares of Cleanspark by 4.3% during the 3rd quarter. CX Institutional now owns 19,462 shares of the company’s stock valued at $251,000 after buying an additional 804 shares during the period. KBC Group NV lifted its stake in Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares during the last quarter. Markowski Investments acquired a new position in Cleanspark during the second quarter valued at $25,000. Finally, NewEdge Advisors LLC increased its stake in shares of Cleanspark by 53.7% during the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after buying an additional 1,822 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

Key Headlines Impacting Cleanspark

Here are the key news stories impacting Cleanspark this week:

• Positive Sentiment: Sanford C. Bernstein maintained its “Outperform” rating while cutting its price target to $11 from $24. The target implies substantial upside from the $5.79 price cited in the report. Bernstein rating and price target
• Positive Sentiment: A separate article raises the possibility that CLSK is materially undervalued, though it notes Texas policy risk as a challenge to that view. Texas policy risk and valuation discussion
• Neutral Sentiment: CleanSpark announced that it will participate in upcoming investor conferences. The company said webcast, replay, and presentation details will be available through its investor relations page. CleanSpark announces investor events
• Negative Sentiment: Keefe, Bruyette & Woods downgraded CLSK to “Market Perform,” a likely source of selling pressure. KBW downgrade
• Negative Sentiment: Coverage also points to Texas policy uncertainty as a risk for the company and reports that shares recently fell to a 52-week low. Recent share decline and analyst outlook

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.