Cleanspark, Inc. (NASDAQ:CLSK) Receives Average Rating of "Buy" from Analysts

Key Points

• Cleanspark, Inc. (NASDAQ: CLSK) has received a consensus recommendation of "Buy" from ten research analysts, with an average 1-year price target of $20.47.
• COO Taylor Monnig sold 63,713 shares at an average price of $9.12, reducing their ownership by 34.62% to 120,337 shares.
• Cleanspark reported a significant increase in revenue, with a 90.8% year-over-year growth, achieving $198.64 million for the quarter, surpassing analyst expectations.

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

CLSK has been the subject of several research reports. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Cleanspark in a report on Monday. B. Riley increased their price objective on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Cantor Fitzgerald lifted their target price on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. BTIG Research reissued a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

Insider Activity

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

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently made changes to their positions in CLSK. Nuveen LLC acquired a new stake in Cleanspark during the first quarter worth approximately $8,109,000. Public Sector Pension Investment Board acquired a new stake in shares of Cleanspark during the 1st quarter worth $5,925,000. Swiss National Bank grew its holdings in shares of Cleanspark by 13.8% during the 1st quarter. Swiss National Bank now owns 566,800 shares of the company's stock worth $3,809,000 after purchasing an additional 68,900 shares in the last quarter. Mutual of America Capital Management LLC bought a new position in shares of Cleanspark in the first quarter worth $272,000. Finally, Ameriprise Financial Inc. raised its stake in Cleanspark by 27.7% in the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock valued at $2,684,000 after purchasing an additional 63,123 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Stock Performance

Shares of CLSK opened at $9.67 on Wednesday. The firm has a market cap of $2.72 billion, a P/E ratio of 11.38 and a beta of 3.65. Cleanspark has a 52 week low of $6.45 and a 52 week high of $17.97. The firm's 50-day simple moving average is $10.88 and its 200 day simple moving average is $9.41.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The firm had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. During the same period last year, the business posted ($1.03) earnings per share. The business's revenue for the quarter was up 90.8% compared to the same quarter last year. As a group, equities analysts forecast 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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