Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Chardan Capital in a report released on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. Chardan Capital's price objective would indicate a potential upside of 88.68% from the stock's current price.
A number of other research analysts also recently commented on the company. JPMorgan Chase & Co. boosted their target price on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday, June 13th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cleanspark currently has an average rating of "Buy" and a consensus target price of $21.00.
Check Out Our Latest Stock Report on Cleanspark
Cleanspark Stock Performance
Shares of CLSK stock traded up $0.56 during trading on Wednesday, hitting $10.60. 34,045,814 shares of the company were exchanged, compared to its average volume of 27,949,170. The business's 50-day simple moving average is $9.06 and its 200 day simple moving average is $9.39. Cleanspark has a twelve month low of $6.45 and a twelve month high of $20.49. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of -11.04 and a beta of 4.23.
Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The company had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. During the same quarter in the previous year, the company earned $0.59 EPS. The firm's quarterly revenue was up 62.5% compared to the same quarter last year. On average, equities analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now owns 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.65% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Rhumbline Advisers boosted its holdings in Cleanspark by 10.7% during the fourth quarter. Rhumbline Advisers now owns 334,094 shares of the company's stock valued at $3,077,000 after acquiring an additional 32,236 shares during the period. Sanctuary Advisors LLC lifted its position in shares of Cleanspark by 56.5% during the 4th quarter. Sanctuary Advisors LLC now owns 74,930 shares of the company's stock worth $690,000 after purchasing an additional 27,048 shares during the last quarter. Truist Financial Corp boosted its stake in Cleanspark by 58.4% during the 4th quarter. Truist Financial Corp now owns 83,371 shares of the company's stock valued at $768,000 after purchasing an additional 30,730 shares during the period. Global Retirement Partners LLC boosted its stake in Cleanspark by 5,920.0% during the 4th quarter. Global Retirement Partners LLC now owns 15,050 shares of the company's stock valued at $139,000 after purchasing an additional 14,800 shares during the period. Finally, Ieq Capital LLC acquired a new stake in Cleanspark in the 4th quarter valued at approximately $430,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.
About Cleanspark
(
Get Free Report)
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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