Cantor Fitzgerald Raises Cleanspark (NASDAQ:CLSK) Price Target to $24.00

Key Points

• Cantor Fitzgerald has raised Cleanspark's price target from $23.00 to $24.00, signaling a potential upside of 45.33% from the current price and maintaining an "overweight" rating on the stock.
• The company reported an impressive 90.8% year-over-year revenue growth, with earnings per share of $0.78 that significantly exceeded the consensus estimate of $0.07.
• Various brokerages have offered mixed ratings on Cleanspark, with a total of nine analysts recommending a Buy rating and the average target price sitting at $20.14.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target hoisted by equities research analysts at Cantor Fitzgerald from $23.00 to $24.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 45.33% from the stock's current price.

Several other brokerages also recently commented on CLSK. Weiss Ratings reissued a "hold (c)" rating on shares of Cleanspark in a research note on Saturday, September 27th. LADENBURG THALM/SH SH started coverage on shares of Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 price objective for the company. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Cleanspark in a research report on Monday, September 8th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $14.00 price objective (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cleanspark currently has an average rating of "Moderate Buy" and an average target price of $20.14.

Cleanspark Stock Performance

Shares of NASDAQ CLSK traded up $0.57 during mid-day trading on Monday, reaching $16.51. 6,021,304 shares of the company traded hands, compared to its average volume of 25,471,461. The stock has a market cap of $4.64 billion, a PE ratio of 19.44 and a beta of 3.88. The company's fifty day moving average is $11.11 and its two-hundred day moving average is $10.05. 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 earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.07 by $0.71. The business had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.Cleanspark's revenue was up 90.8% on a year-over-year basis. During the same quarter last year, the company earned ($1.03) EPS. Research analysts forecast that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. This trade represents a 34.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.65% of the stock is owned by insiders.

Institutional Trading of Cleanspark

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in shares of Cleanspark by 7.8% during the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company's stock worth $187,000 after acquiring an additional 932 shares during the last quarter. Texas Permanent School Fund Corp bought a new position in Cleanspark during the second quarter valued at $548,000. Neuberger Berman Group LLC grew its stake in shares of Cleanspark by 374.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 50,120 shares of the company's stock worth $553,000 after buying an additional 39,553 shares in the last quarter. Marex Group plc bought a new stake in shares of Cleanspark in the 2nd quarter worth about $247,000. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Cleanspark by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 948,234 shares of the company's stock valued at $10,459,000 after acquiring an additional 66,571 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.

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