Cleanspark, Inc. (NASDAQ:CLSK) Given Consensus Recommendation of "Buy" by Analysts

Key Points

• Shares of Cleanspark, Inc. (NASDAQ:CLSK) have received a consensus recommendation of "Buy" from ten research firms, with an average 1-year target price of $20.47.
• In its latest quarterly earnings report, Cleanspark exceeded analyst expectations by posting $0.78 earnings per share, significantly outperforming the consensus estimate of $0.07.
• Director Roger Paul Beynon sold 50,000 shares of Cleanspark, reducing his ownership by 28.49%, while institutional investors currently hold 43.12% of the company's stock.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned an average rating of "Buy" from the ten research firms that are presently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $20.4722.

Several equities analysts have commented on CLSK shares. Cantor Fitzgerald increased their price target on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 8th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Macquarie increased their price target on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Cleanspark in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th.

Insider Activity

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director directly 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 document filed with the SEC, which can be accessed through this hyperlink. 2.65% of the stock is owned by company insiders.

Institutional Trading of Cleanspark

Hedge funds have recently bought and sold shares of the business. CX Institutional bought a new stake in shares of Cleanspark during the 1st quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Cleanspark during the second quarter worth about $29,000. Fifth Third Bancorp grew its position in Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after buying an additional 1,694 shares in the last quarter. Strs Ohio purchased a new position in Cleanspark during the first quarter worth about $38,000. Finally, Quarry LP purchased a new position in Cleanspark during the first quarter worth about $47,000. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Trading Down 2.0%

CLSK stock opened at $9.75 on Friday. Cleanspark has a one year low of $6.45 and a one year high of $17.97. The firm has a market capitalization of $2.74 billion, a PE ratio of 11.47 and a beta of 3.72. The firm has a 50-day moving average of $11.02 and a two-hundred day moving average of $9.53.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.71. The business had revenue of $198.64 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned ($1.03) earnings per share. On average, equities research analysts anticipate that Cleanspark will post 0.58 earnings per share for the current year.

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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