B. Riley Issues Optimistic Forecast for Cleanspark Earnings

Key Points

• B. Riley has increased its FY2025 EPS estimate for Cleanspark from $0.89 to $0.97, maintaining a "Buy" rating and a target price of $25.00.
• Several analysts, including Cantor Fitzgerald and Chardan Capital, have raised their target prices for Cleanspark's stock, contributing to a consensus rating of "Moderate Buy" with an average price target of $22.83.
• Shares of Cleanspark have seen significant movement, with a 9.7% increase recently, and range between a 52-week low of $6.45 and a high of $22.68.

Cleanspark, Inc. (NASDAQ:CLSK - Free Report) - B. Riley boosted their FY2025 EPS estimates for shares of Cleanspark in a research report issued to clients and investors on Tuesday, October 14th. B. Riley analyst N. Giles now anticipates that the company will post earnings per share of $0.97 for the year, up from their previous estimate of $0.89. B. Riley currently has a "Buy" rating and a $25.00 target price on the stock. The consensus estimate for Cleanspark's current full-year earnings is $0.58 per share.

A number of other equities analysts have also recently commented on the stock. Cantor Fitzgerald lifted their target price on shares of Cleanspark from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Monday, October 6th. Chardan Capital lifted their target price on shares of Cleanspark from $20.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $14.00 target price (down previously from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. Macquarie raised their price target on shares of Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Needham & Company LLC raised their price target on shares of Cleanspark from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, October 10th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cleanspark has a consensus rating of "Moderate Buy" and a consensus price target of $22.83.

Cleanspark Stock Up 9.7%

Shares of NASDAQ:CLSK opened at $21.98 on Wednesday. The stock has a market cap of $6.18 billion, a PE ratio of 25.86 and a beta of 3.88. The company's fifty day moving average is $12.25 and its 200 day moving average is $10.59. Cleanspark has a 52 week low of $6.45 and a 52 week high of $22.68.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.71. The company had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The firm's revenue was up 90.8% compared to the same quarter last year. During the same quarter last year, the company earned ($1.03) EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after buying an additional 4,489,866 shares during the last quarter. Geode Capital Management LLC raised its holdings in Cleanspark by 1.4% in the second quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company's stock worth $83,139,000 after buying an additional 101,401 shares during the last quarter. Invesco Ltd. raised its holdings in Cleanspark by 2.1% in the second quarter. Invesco Ltd. now owns 3,672,324 shares of the company's stock worth $40,506,000 after buying an additional 74,922 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cleanspark by 26.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock worth $20,951,000 after buying an additional 652,811 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Cleanspark by 16.0% in the first quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock worth $18,864,000 after buying an additional 388,021 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares of the company's stock, valued at $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.65% of the stock is owned by insiders.

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.

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