Cleanspark (NASDAQ:CLSK) Issues Quarterly Earnings Results

Key Points

• Cleanspark reported earnings of $0.78 per share for the quarter, significantly exceeding analysts' expectations of $0.07, alongside a revenue of $198.64 million, up 90.8% year-over-year.
• The company has a market capitalization of $3.01 billion and recently saw several analysts give it a "buy" rating with an average price target of $20.69.
• Insider trading activity included a director selling 50,000 shares, which reflects a decrease in their ownership by 28.49%, while institutional investors own 43.12% of the company's stock.

Cleanspark (NASDAQ:CLSK - Get Free Report) issued its earnings results on Thursday. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.71, Zacks reports. The firm 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 company's quarterly revenue was up 90.8% on a year-over-year basis. During the same quarter last year, the business earned ($1.03) earnings per share.

Cleanspark Stock Up 0.7%

NASDAQ:CLSK traded up $0.07 on Tuesday, hitting $9.94. The stock had a trading volume of 13,335,499 shares, compared to its average volume of 25,479,643. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 11.74 and a beta of 3.72. Cleanspark has a 1-year low of $6.45 and a 1-year high of $17.97. The company has a fifty day moving average price of $10.98 and a two-hundred day moving average price of $9.53.

Insider Activity at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.65% of the stock is owned by company insiders.

Institutional Trading of Cleanspark

Several institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in shares of Cleanspark during the 1st quarter valued at about $38,000. Integrated Wealth Concepts LLC bought a new position in Cleanspark in the first quarter worth $68,000. United Services Automobile Association bought a new position in shares of Cleanspark during the first quarter valued at $125,000. Caxton Associates LLP bought a new position in shares of Cleanspark in the first quarter valued at about $169,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company's stock worth $4,025,000 after purchasing an additional 86,229 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Cantor Fitzgerald lifted their price target on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday. LADENBURG THALM/SH SH assumed 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. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research note on Friday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.47.

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.