Brokerages Set Cleanspark, Inc. (NASDAQ:CLSK) Price Target at $20.47

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 earned an average recommendation of "Buy" from the ten analysts that are presently covering the firm, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $20.4722.

A number of equities research analysts have issued reports on CLSK shares. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Cleanspark in a research report on Friday, August 8th. B. Riley boosted their price target on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH started coverage on Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 price target for the company. Cantor Fitzgerald boosted their price target on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, Macquarie boosted their price target on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 8th.

Cleanspark Stock Up 1.4%

Shares of NASDAQ:CLSK traded up $0.13 during midday trading on Friday, reaching $9.49. The company's stock had a trading volume of 15,361,848 shares, compared to its average volume of 19,736,030. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 11.16 and a beta of 3.72. Cleanspark has a 1 year low of $6.45 and a 1 year high of $17.97. The business has a 50 day moving average price of $10.99 and a 200 day moving average price of $9.51.

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

Institutional Investors Weigh In On Cleanspark

A number of institutional investors have recently added to or reduced their stakes in CLSK. Vanguard Group Inc. grew its position in Cleanspark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after acquiring an additional 4,489,866 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Cleanspark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after purchasing an additional 1,536,145 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Cleanspark by 6,449.7% during the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after purchasing an additional 1,366,752 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cleanspark during the first quarter worth about $8,109,000. Finally, Shaolin Capital Management LLC acquired a new position in shares of Cleanspark during the fourth quarter worth about $8,559,000. Hedge funds and other 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.