Cantor Fitzgerald Forecasts Strong Price Appreciation for Cleanspark (NASDAQ:CLSK) Stock

Key Points

• Cantor Fitzgerald has raised its price target for Cleanspark (NASDAQ:CLSK) from $22.00 to $25.00, indicating a potential upside of 111.51% from the company's previous close, maintaining an "overweight" rating.
• The company has reported a revenue increase of 62.5% year-over-year, though its earnings fell short of analyst estimates in the latest quarter.
• Institutional investors and hedge funds currently hold 43.12% of Cleanspark's stock, with significant increases in holdings from major firms like Vanguard and Charles Schwab during the first quarter.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target increased by stock analysts at Cantor Fitzgerald from $22.00 to $25.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 111.51% from the company's previous close.

Several other analysts have also recently commented on the stock. B. Riley started coverage on shares of Cleanspark in a research note on Tuesday, July 1st. They issued a "buy" rating and a $16.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday. Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Tuesday, July 8th. Finally, BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $20.75.

Cleanspark Stock Performance

CLSK stock opened at $11.82 on Monday. Cleanspark has a one year low of $6.45 and a one year high of $18.05. The stock has a market capitalization of $3.32 billion, a PE ratio of -12.31 and a beta of 4.23. The company has a fifty day moving average of $10.64 and a 200-day moving average of $9.54.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) 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 analyst estimates of $196.43 million. During the same quarter last year, the business posted $0.59 EPS. The firm's revenue was up 62.5% on a year-over-year basis. Equities analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Cleanspark by 22.8% during 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 in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cleanspark by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after buying an additional 353,807 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Cleanspark by 20.5% during the first quarter. Invesco Ltd. now owns 3,597,402 shares of the company's stock worth $24,175,000 after buying an additional 613,040 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cleanspark by 26.5% during 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 in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Cleanspark by 16.0% during 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 in the last quarter. Institutional investors and hedge funds 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.

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