Cleanspark (NASDAQ:CLSK) Announces 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) released its earnings results on Thursday. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.71, Zacks reports. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business 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% on a year-over-year basis.

Cleanspark Price Performance

CLSK opened at $10.72 on Friday. The firm has a market capitalization of $3.01 billion, a P/E ratio of -11.17 and a beta of 3.72. Cleanspark has a one year low of $6.45 and a one year high of $17.97. The company has a fifty day moving average price of $10.92 and a 200-day moving average price of $9.57.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. LADENBURG THALM/SH SH started coverage on Cleanspark in a report on Monday, July 28th. They issued a "buy" rating and a $20.25 price objective for the company. B. Riley started coverage on shares of Cleanspark in a research report on Tuesday, July 1st. They set a "buy" rating and a $16.00 target price for the company. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $20.69.

Insider Activity

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director directly owned 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.65% of the company's stock.

Institutional Trading of Cleanspark

A number of large investors have recently modified their holdings of CLSK. Strs Ohio purchased a new stake in Cleanspark in the first quarter valued at approximately $38,000. Integrated Wealth Concepts LLC bought a new position in shares of Cleanspark in the 1st quarter worth $68,000. United Services Automobile Association purchased a new stake in shares of Cleanspark during the 1st quarter valued at $125,000. Caxton Associates LLP bought a new stake in shares of Cleanspark during the 1st quarter worth $169,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Cleanspark by 16.8% during the 1st 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 acquiring an additional 86,229 shares during the last quarter. Institutional investors own 43.12% of the company's stock.

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.

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