Cleanspark (NASDAQ:CLSK) Hits New 52-Week High - Time to Buy?

Key Points

• Cleanspark shares reached a new 52-week high of $22.68, indicating strong investor interest with a trading volume of over 50 million shares.
• Wall Street analysts have given the company a consensus rating of "Moderate Buy" with a price target averaging $22.83, reflecting optimism about its future performance.
• The company reported a remarkable 90.8% increase in quarterly revenue year-over-year, achieving $198.64 million and significantly beating expectations in earnings per share.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $22.68 and last traded at $21.98, with a volume of 50802349 shares changing hands. The stock had previously closed at $20.04.

Wall Street Analyst Weigh In

CLSK has been the subject of several recent research reports. LADENBURG THALM/SH SH initiated coverage on Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 price target for the company. BTIG Research upped their price target on Cleanspark from $22.00 to $26.00 and gave the company a "buy" rating in a research report on Monday. Weiss Ratings restated a "hold (c)" rating on shares of Cleanspark in a report on Wednesday, October 8th. Needham & Company LLC raised their price target on Cleanspark from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, October 10th. Finally, Macquarie increased their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.83.

Cleanspark Stock Performance

The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 25.86 and a beta of 3.88. The company has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $10.59.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million during the quarter, compared to analysts' expectations of $191.33 million. During the same period in the previous year, the firm earned ($1.03) EPS. The company's quarterly revenue was up 90.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity

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. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently modified their holdings of the business. Exchange Traded Concepts LLC grew its position in Cleanspark by 35.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,417,107 shares of the company's stock worth $20,548,000 after acquiring an additional 373,259 shares during the last quarter. Matauro LLC grew its position in Cleanspark by 24.3% during the 3rd quarter. Matauro LLC now owns 142,340 shares of the company's stock worth $2,064,000 after acquiring an additional 27,829 shares during the last quarter. Voya Investment Management LLC grew its position in Cleanspark by 119.6% during the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company's stock worth $4,803,000 after acquiring an additional 180,371 shares during the last quarter. GAMMA Investing LLC grew its position in Cleanspark by 7.8% during the 3rd quarter. GAMMA Investing LLC now owns 12,915 shares of the company's stock worth $187,000 after acquiring an additional 932 shares during the last quarter. Finally, Texas Permanent School Fund Corp bought a new stake in Cleanspark during the 2nd quarter worth $548,000. Institutional investors own 43.12% of the company's stock.

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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