B. Riley Increases Cleanspark (NASDAQ:CLSK) Price Target to $17.00

Key Points

• B. Riley has increased its target price for Cleanspark (NASDAQ:CLSK) from $16.00 to $17.00, indicating a potential upside of 64.57% from the current stock price and maintaining a "buy" rating.
• Recent quarterly earnings results show Cleanspark reported $0.78 earnings per share, significantly exceeding analysts' expectations, with a revenue increase of 90.8% year-over-year.
• The consensus rating for Cleanspark is currently a "Moderate Buy" with an average price target of $20.81, reflecting optimism among analysts about the company's growth prospects.

Cleanspark (NASDAQ:CLSK - Free Report) had its target price hoisted by B. Riley from $16.00 to $17.00 in a research note issued to investors on Friday morning,Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for Cleanspark's Q1 2027 earnings at $0.12 EPS and Q3 2027 earnings at $0.10 EPS.

Several other analysts have also weighed in on CLSK. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Cantor Fitzgerald lifted their price objective on Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. LADENBURG THALM/SH SH assumed coverage on Cleanspark in a report on Monday, July 28th. They set a "buy" rating and a $20.25 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Chardan Capital reissued a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a report on Friday. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.47.

Cleanspark Trading Down 6.1%

CLSK traded down $0.65 during midday trading on Friday, reaching $10.07. The company's stock had a trading volume of 33,927,835 shares, compared to its average volume of 22,488,066. The stock has a market cap of $2.83 billion, a P/E ratio of 11.85 and a beta of 3.72. The company has a fifty day simple moving average of $10.95 and a 200 day simple moving average of $9.55. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a return on equity of 9.19% and a net margin of 47.98%. The company's revenue was up 90.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.03) EPS. Sell-side analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director owned 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Cleanspark by 68.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock worth $2,595,000 after purchasing an additional 114,674 shares during the period. Algert Global LLC grew its stake in Cleanspark by 284.1% in the fourth quarter. Algert Global LLC now owns 198,862 shares of the company's stock valued at $1,832,000 after acquiring an additional 147,086 shares during the period. Ameriprise Financial Inc. grew its stake in Cleanspark by 27.7% in the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock valued at $2,684,000 after acquiring an additional 63,123 shares during the period. Bank of New York Mellon Corp grew its stake in Cleanspark by 128.9% in the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock valued at $10,613,000 after acquiring an additional 889,317 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in Cleanspark by 24.5% in the first quarter. Exchange Traded Concepts LLC now owns 889,540 shares of the company's stock valued at $5,978,000 after acquiring an additional 175,291 shares during the period. Institutional investors own 43.12% of the company's stock.

About Cleanspark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.