Cleanspark (NASDAQ:CLSK) Now Covered by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity initiated coverage of CleanSpark with a “buy” rating and a $20 price target, implying 128.57% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.11; targets from other firms range as high as $27.
• CleanSpark’s latest quarter fell short of expectations, reporting an adjusted loss of $0.89 per share versus the expected $0.47 loss, while revenue declined 30.5% year over year to $138.01 million.

Investment analysts at Canaccord Genuity Group assumed coverage on shares of Cleanspark (NASDAQ:CLSK - Get Free Report) in a report issued on Thursday, Briefing.com reports. The firm set a "buy" rating and a $20.00 price target on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 128.57% from the stock's previous close.

CLSK has been the topic of a number of other reports. Chardan Capital restated a "buy" rating and issued a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. Zacks Research raised shares of Cleanspark from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Citizens Jmp assumed coverage on Cleanspark in a report on Wednesday, June 24th. They set a "market outperform" rating and a $27.00 price target for the company. Needham & Company LLC boosted their target price on shares of Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price target on Cleanspark from $16.00 to $25.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.11.

Cleanspark Price Performance

Shares of CLSK stock opened at $8.75 on Thursday. Cleanspark has a 12-month low of $8.00 and a 12-month high of $20.86. The business has a 50 day simple moving average of $12.10 and a 200 day simple moving average of $13.34. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) 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 company had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. During the same quarter in the prior year, the business earned $0.90 EPS. Cleanspark's revenue was down 30.5% compared to the same quarter last year. Sell-side analysts anticipate that Cleanspark will post -1.40 earnings per share for the current year.

Insider Activity

In other news, COO Taylor Monnig sold 3,335 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total transaction of $41,120.55. Following the completion of the sale, the chief operating officer owned 336,810 shares of the company's stock, valued at approximately $4,152,867.30. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 33,151 shares of company stock worth $435,473. Company insiders own 2.08% of the company's stock.

Institutional Investors Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Markowski Investments bought a new stake in shares of Cleanspark during the second quarter worth $25,000. GK Wealth Management LLC bought a new position in Cleanspark during the third quarter worth about $52,000. Versant Capital Management Inc raised its position in shares of Cleanspark by 229.0% in the 3rd quarter. Versant Capital Management Inc now owns 4,939 shares of the company's stock valued at $64,000 after acquiring an additional 3,438 shares during the period. KBC Group NV boosted its position in shares of Cleanspark by 10.7% during 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 in the last quarter. Finally, NewEdge Advisors LLC increased its stake in Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company's stock worth $76,000 after purchasing an additional 1,822 shares in the last quarter. Institutional investors and hedge funds 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.

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