Cleanspark (NASDAQ:CLSK) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

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 - Free Report) had its price objective hoisted by Cantor Fitzgerald from $22.00 to $25.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. B. Riley started coverage on Cleanspark in a report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective on the stock. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $20.69.

Cleanspark Trading Down 0.9%

CLSK stock traded down $0.10 during trading on Monday, hitting $11.32. The company had a trading volume of 16,190,744 shares, compared to its average volume of 25,700,947. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -11.83 and a beta of 4.23. The business has a 50 day moving average of $10.75 and a 200 day moving average of $9.58. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business's revenue for the quarter was up 62.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.59 EPS. As a group, equities analysts predict that Cleanspark will post 0.58 EPS for the current year.

Insider Activity at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the company's 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 sale, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

A number of large investors have recently added to or reduced their stakes in the stock. CX Institutional bought a new stake in shares of Cleanspark in the first quarter valued at approximately $26,000. Fifth Third Bancorp boosted its position in shares of Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock valued at $32,000 after acquiring an additional 1,694 shares during the period. Strs Ohio bought a new stake in shares of Cleanspark in the first quarter valued at approximately $38,000. Quarry LP bought a new stake in shares of Cleanspark in the first quarter valued at approximately $47,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Cleanspark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after acquiring an additional 2,196 shares during the period. Institutional investors own 43.12% of the company's stock.

Cleanspark Company Profile

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.