Cleanspark (NASDAQ:CLSK) Coverage Initiated at LADENBURG THALM/SH SH

Key Points

• Analysts at LADENBURG THALM/SH SH have initiated coverage on Cleanspark (NASDAQ: CLSK) with a buy rating and a price target of $20.25, indicating a potential upside of 71.32% from its previous close.
• Cleanspark has recorded a one-year revenue growth of 62.5%, though it recently reported earnings that fell short of analysts' expectations.
• Over the past week, multiple brokerages have issued positive ratings on Cleanspark, with a consensus buy rating and an average price target of $20.69.

LADENBURG THALM/SH SH began coverage on shares of Cleanspark (NASDAQ:CLSK - Free Report) in a research report released on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $20.25 price target on the stock.

Several other analysts have also issued reports on the company. Cantor Fitzgerald upped their target price on Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday. B. Riley initiated coverage on Cleanspark in a research report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 price objective for the company. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research report on Tuesday, July 8th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cleanspark presently has an average rating of "Buy" and an average price target of $20.69.

Cleanspark Trading Down 2.5%

Shares of NASDAQ CLSK traded down $0.30 during midday trading on Monday, hitting $11.73. 17,710,183 shares of the company's stock were exchanged, compared to its average volume of 25,184,420. Cleanspark has a 12-month low of $6.45 and a 12-month high of $17.97. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -12.22 and a beta of 4.23. The business's fifty day moving average price is $10.68 and its two-hundred day moving average price is $9.56.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business's quarterly revenue was up 62.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. Equities analysts expect that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director directly owned 125,511 shares of the company's stock, valued at $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after purchasing an additional 4,489,866 shares during the period. Geode Capital Management LLC grew its stake in Cleanspark by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after purchasing an additional 353,807 shares during the period. Invesco Ltd. grew its stake in shares of Cleanspark by 20.5% in the first quarter. Invesco Ltd. now owns 3,597,402 shares of the company's stock worth $24,175,000 after acquiring an additional 613,040 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cleanspark by 26.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock worth $20,951,000 after acquiring an additional 652,811 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Cleanspark by 16.0% in the first quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock worth $18,864,000 after acquiring an additional 388,021 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.