Cleanspark (NASDAQ:CLSK) Given New $11.00 Price Target at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein cut its CleanSpark price target from $24 to $11 but maintained an “outperform” rating; the new target implies 61.76% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $20.71.
• CleanSpark’s latest reported quarter missed earnings and revenue expectations, with revenue down 30.5% year over year; shares opened at $6.80, near their 52-week low of $6.66.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target cut by equities researchers at Sanford C. Bernstein from $24.00 to $11.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Sanford C. Bernstein's price objective would indicate a potential upside of 61.76% from the stock's current price.

Several other brokerages have also recently issued reports on CLSK. Cantor Fitzgerald dropped 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. BTIG Research reiterated a "buy" rating and issued a $26.00 target price on shares of Cleanspark in a research report on Tuesday, July 14th. Canaccord Genuity Group assumed coverage on Cleanspark in a report on Thursday, October 22nd. They issued a "buy" rating and a $20.00 price objective on the stock. B. Riley Financial reduced their target price on Cleanspark from $26.00 to $21.00 and set a "buy" rating for the company in a report on Friday, October 30th. Finally, Weiss Ratings raised Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.71.

Cleanspark Price Performance

Cleanspark stock opened at $6.80 on Wednesday. The firm's fifty day moving average is $11.24 and its 200 day moving average is $12.27. The company has a quick ratio of 5.91, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark has a 52-week low of $6.66 and a 52-week high of $19.17. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -1.80 and a beta of 3.66.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company's revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Sell-side analysts forecast that Cleanspark will post -1.40 EPS for the current fiscal year.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the company's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the sale, the chief operating officer owned 236,114 shares in the company, valued at $3,149,760.76. This represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 33,151 shares of company stock valued at $435,473 in the last ninety days. Company insiders own 2.08% of the company's stock.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently added to or reduced their stakes in CLSK. Markowski Investments purchased a new stake in Cleanspark in the second quarter valued at $25,000. GK Wealth Management LLC acquired a new stake in shares of Cleanspark during the third quarter worth about $52,000. Versant Capital Management Inc increased its position in shares of Cleanspark by 229.0% during the third quarter. Versant Capital Management Inc now owns 4,939 shares of the company's stock worth $64,000 after purchasing an additional 3,438 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Cleanspark by 53.7% in the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company's stock valued at $76,000 after purchasing an additional 1,822 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Cleanspark by 16.8% in the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company's stock valued at $81,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.