Chardan Capital Reiterates Buy Rating for Cleanspark (NASDAQ:CLSK)

Key Points

• Chardan Capital has reiterated its "buy" rating for Cleanspark (NASDAQ:CLSK) with a price target of $20.00, suggesting a potential upside of 116.45% from the recent closing price.
• Cleanspark reported impressive quarterly earnings, with earnings per share of $0.78, significantly exceeding the consensus estimate of $0.07, and a revenue increase of 90.8% year-over-year.
• Institutional investors own 43.12% of Cleanspark's stock, with Vanguard Group increasing its position by 22.8% in the first quarter.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Chardan Capital in a research report issued on Monday,Benzinga reports. They presently have a $20.00 price objective on the stock. Chardan Capital's target price would suggest a potential upside of 116.45% from the company's previous close.

A number of other research firms have also weighed in on CLSK. LADENBURG THALM/SH SH began coverage on Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 price objective for the company. B. Riley increased their price target on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, Macquarie increased their price target on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $20.47.

Cleanspark Stock Up 1.8%

NASDAQ CLSK opened at $9.24 on Monday. The stock's 50 day moving average is $10.94 and its 200 day moving average is $9.41. The firm has a market capitalization of $2.60 billion, a PE ratio of 10.87 and a beta of 3.65. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million during the quarter, compared to analysts' expectations of $191.33 million. During the same quarter in the previous year, the business earned ($1.03) earnings per share. The company's revenue was up 90.8% on a year-over-year basis. On average, research analysts anticipate that Cleanspark will post 0.58 earnings per share for the current year.

Institutional Trading of Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after purchasing an additional 4,489,866 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cleanspark by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company's stock worth $83,139,000 after purchasing an additional 101,401 shares in the last quarter. Invesco Ltd. boosted its position in shares of Cleanspark by 2.1% in the 2nd quarter. Invesco Ltd. now owns 3,672,324 shares of the company's stock worth $40,506,000 after purchasing an additional 74,922 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Cleanspark by 26.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock worth $20,951,000 after purchasing an additional 652,811 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Cleanspark by 16.0% in the 1st quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock worth $18,864,000 after purchasing an additional 388,021 shares in the last quarter. Institutional investors 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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