Cleanspark, Inc. (NASDAQ:CLSK) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Cleanspark, Inc. has received a consensus recommendation of "Moderate Buy" from eleven brokerages, with nine analysts giving a buy rating and the average target price set at $20.36.
• Insider activity includes COO Taylor Monnig selling 63,713 shares at an average price of $9.12, resulting in a 34.62% decrease in their ownership stake.
• For the latest quarter, Cleanspark reported $0.78 EPS, significantly exceeding expectations, and a revenue increase of 90.8% year-over-year, totaling $198.64 million.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $20.3611.

CLSK has been the topic of a number of analyst reports. LADENBURG THALM/SH SH assumed coverage on Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 price target on the stock. Macquarie increased their target price on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $14.00 price objective (down previously from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. Finally, Chardan Capital reissued a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a report on Monday, September 8th.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction 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 transaction, the chief operating officer owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of Cleanspark by 7.8% during the 3rd quarter. GAMMA Investing LLC now owns 12,915 shares of the company's stock valued at $187,000 after purchasing an additional 932 shares during the last quarter. Cresset Asset Management LLC boosted its position in Cleanspark by 4.9% in the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company's stock valued at $297,000 after buying an additional 1,248 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of 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 during the last quarter. Wellington Management Group LLP increased its holdings in shares of Cleanspark by 15.1% during the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock worth $94,000 after buying an additional 1,834 shares in the last quarter. Finally, Harvest Portfolios Group Inc. increased its holdings in shares of Cleanspark by 2.4% during the first quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock worth $568,000 after buying an additional 2,014 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Up 5.3%

Shares of Cleanspark stock opened at $15.94 on Friday. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 18.75 and a beta of 3.88. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97. The company has a 50-day simple moving average of $11.11 and a two-hundred day simple moving average of $10.03.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced 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. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The company had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same period last year, the firm earned ($1.03) earnings per share. The business's revenue for the quarter was up 90.8% on a year-over-year basis. On average, sell-side analysts anticipate that Cleanspark will post 0.58 earnings per share for the current fiscal 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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