Cleanspark (NASDAQ:CLSK) Earns Buy Rating from Analysts at B. Riley

B. Riley started coverage on shares of Cleanspark (NASDAQ:CLSK - Free Report) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $16.00 price objective on the stock.

CLSK has been the subject of a number of other research reports. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Wednesday, June 25th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, JPMorgan Chase & Co. lifted their price target on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research report on Friday, June 13th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $20.38.

Cleanspark Stock Up 0.5%

Shares of Cleanspark stock traded up $0.05 on Tuesday, reaching $11.08. The stock had a trading volume of 28,619,123 shares, compared to its average volume of 27,962,056. The stock has a market capitalization of $3.11 billion, a P/E ratio of -11.54 and a beta of 4.24. The company has a 50 day moving average price of $9.33 and a 200 day moving average price of $9.31. Cleanspark has a 1 year low of $6.45 and a 1 year high of $20.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The firm had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. During the same period in the prior year, the firm posted $0.59 earnings per share. Cleanspark's revenue for the quarter was up 62.5% compared to the same quarter last year. On average, analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Activity at Cleanspark

In related news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.65% of the stock is owned by insiders.

Institutional Trading of Cleanspark

A number of hedge funds have recently added to or reduced their stakes in CLSK. Virtu Financial LLC acquired a new position in shares of Cleanspark in the fourth quarter worth about $338,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Cleanspark by 68.6% in the 4th 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. Quadrant Capital Group LLC acquired a new position in Cleanspark in the 4th quarter worth about $734,000. Algert Global LLC boosted its position in Cleanspark by 284.1% during the fourth quarter. Algert Global LLC now owns 198,862 shares of the company's stock worth $1,832,000 after purchasing an additional 147,086 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings 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 purchasing an additional 63,123 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.