Cleanspark (NASDAQ:CLSK) Stock Gets Price Target Cut from B. Riley Financial

Key Points

• B. Riley Financial cut CleanSpark’s price target from $26 to $21 but maintained a “buy” rating, implying 177.23% upside from the stock’s prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $22.75, although targets range from $19 to $25 and Zacks Research downgraded the stock to “strong sell.”
• CleanSpark shares opened at $7.58, near their 12-month low of $7.36. The company recently missed quarterly earnings and revenue estimates, reporting negative EPS and a 30.5% year-over-year revenue decline.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price objective decreased by analysts at B. Riley Financial from $26.00 to $21.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley Financial's price objective indicates a potential upside of 177.23% from the stock's previous close.

Several other equities research analysts also recently weighed in on CLSK. Cantor Fitzgerald decreased their target price on shares of Cleanspark from $26.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, October 16th. Chardan Capital reiterated a "buy" rating and issued a $21.00 target price on shares of Cleanspark in a research note on Monday, August 10th. Canaccord Genuity Group started coverage on shares of Cleanspark in a research note on Thursday, October 22nd. They set a "buy" rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Tuesday, July 28th. Finally, Zacks Research lowered Cleanspark from a "hold" rating to a "strong sell" rating in a report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Cleanspark presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.75.

Cleanspark Stock Performance

Shares of CLSK stock opened at $7.58 on Friday. The firm has a fifty day moving average price of $11.63 and a 200 day moving average price of $12.37. The company has a market cap of $1.95 billion, a P/E ratio of -2.02 and a beta of 3.84. Cleanspark has a 12 month low of $7.36 and a 12 month high of $19.30. 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 (NASDAQ:CLSK - Get Free Report) last posted its 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 analyst estimates of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The firm's revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Sell-side analysts predict that Cleanspark will post -1.40 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Taylor Monnig sold 3,335 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total value of $41,120.55. Following the sale, the chief operating officer directly owned 336,810 shares in the company, valued at $4,152,867.30. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 33,151 shares of company stock valued at $435,473 over the last quarter. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

A number of large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Cleanspark by 81.3% during the first 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 in the last quarter. Situational Awareness LP increased its position in shares of Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Bank of America Corp DE increased its position in shares of Cleanspark by 49.2% in 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 position in shares of Cleanspark by 617.3% in 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, Headlands Technologies LLC raised 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 valued at $7,457,000 after purchasing an additional 349,658 shares in the last quarter. Hedge funds and other 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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