Cleanspark (NASDAQ:CLSK) Stock Bumped Down to "Market Perform" by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods downgraded CleanSpark from “Outperform” to “Market Perform,” with a $9.50 price target—about 16.6% above the share price cited in the report.
• Analyst views remain broadly positive: CleanSpark has a “Moderate Buy” consensus rating and a $21.46 average target price, despite the downgrade.
• CleanSpark’s latest reported quarter missed expectations, with an adjusted loss of $0.89 per share versus the $0.47 loss forecast; revenue fell 30.5% year over year to $138.01 million.

Cleanspark (NASDAQ:CLSK - Get Free Report) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a research note issued on Wednesday, Marketbeat reports. They currently have a $9.50 target price on the stock. Keefe, Bruyette & Woods's target price points to a potential upside of 16.56% from the stock's current price.

Other analysts have also issued reports about the stock. Needham & Company LLC increased their target price on shares of Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. HC Wainwright reissued a "buy" rating on shares of Cleanspark in a research note on Friday, August 7th. BTIG Research restated a "buy" rating and issued a $26.00 target price on shares of Cleanspark in a research note on Tuesday, July 14th. Canaccord Genuity Group initiated coverage on shares of Cleanspark in a research note on Thursday, October 22nd. They set a "buy" rating and a $20.00 price objective on the stock. Finally, Cantor Fitzgerald dropped their target price on Cleanspark from $26.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cleanspark has an average rating of "Moderate Buy" and a consensus target price of $21.46.

Cleanspark Trading Up 14.0%

CLSK opened at $8.15 on Wednesday. The business's 50-day moving average price is $11.36 and its 200-day moving average price is $12.30. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark has a 12 month low of $7.06 and a 12 month high of $19.17.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly 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 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 quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share. On average, analysts expect that Cleanspark will post -1.40 EPS for the current year.

Insider Activity at Cleanspark

In related news, COO Taylor Monnig sold 3,335 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total transaction of $41,120.55. Following the sale, the chief operating officer directly owned 336,810 shares of the company's stock, valued at $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 available at the SEC website. Insiders sold 33,151 shares of company stock worth $435,473 over the last 90 days. Company insiders own 2.08% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Cleanspark by 81.3% in 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 stake in Cleanspark by 648.4% during the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock valued at $104,470,000 after buying an additional 10,635,739 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 valued at $21,928,000 after buying an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC lifted its holdings 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 valued at $7,614,000 after buying an additional 770,000 shares during the period. Finally, Headlands Technologies LLC boosted its stake in shares of Cleanspark by 214.8% in the 2nd quarter. Headlands Technologies LLC now owns 512,476 shares of the company's stock worth $7,457,000 after buying 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.

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