Cleanspark (NASDAQ:CLSK) Price Target Raised to $30.00

Key Points

• Chardan Capital has raised Cleanspark's price target to $30.00, indicating a potential upside of 56.43% from the current stock price, and maintains a "buy" rating.
• Cleanspark reported $0.78 earnings per share in its latest quarter, significantly exceeding estimates of $0.07, along with a 90.8% year-over-year revenue increase.
• Currently, Cleanspark has an average analyst rating of "Moderate Buy" with a price target of $22.03, reflecting confidence in the company's growth potential among analysts.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its target price hoisted by stock analysts at Chardan Capital from $20.00 to $30.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Chardan Capital's price objective suggests a potential upside of 56.43% from the company's current price.

Several other equities analysts have also weighed in on CLSK. B. Riley lifted their price target on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Cleanspark in a research note on Wednesday, October 8th. LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a research report on Monday, July 28th. They issued a "buy" rating and a $20.25 price objective on the stock. BTIG Research increased their target price on shares of Cleanspark from $22.00 to $26.00 and gave the company a "buy" rating in a research report on Monday. Finally, Cantor Fitzgerald boosted their price target on shares of Cleanspark from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Monday, October 6th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Cleanspark currently has an average rating of "Moderate Buy" and an average price target of $22.03.

Cleanspark Trading Down 0.5%

Shares of CLSK stock traded down $0.10 during trading hours on Monday, reaching $19.18. 13,856,877 shares of the company's stock were exchanged, compared to its average volume of 26,089,785. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $22.12. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 22.71 and a beta of 3.88. The stock's 50 day moving average is $11.84 and its 200-day moving average is $10.42.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The business had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The company's revenue was up 90.8% on a year-over-year basis. During the same quarter last year, the business posted ($1.03) EPS. Equities analysts anticipate that Cleanspark will post 0.58 EPS for the current year.

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the sale, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.65% of the company's stock.

Institutional Trading of Cleanspark

A number of institutional investors have recently made changes to their positions in the business. Matauro LLC lifted its stake in Cleanspark by 24.3% in the 3rd quarter. Matauro LLC now owns 142,340 shares of the company's stock valued at $2,064,000 after purchasing an additional 27,829 shares during the last quarter. Voya Investment Management LLC increased its stake in shares of Cleanspark by 119.6% in the third quarter. Voya Investment Management LLC now owns 331,208 shares of the company's stock valued at $4,803,000 after buying an additional 180,371 shares during the period. GAMMA Investing LLC grew its stake in shares of Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company's stock worth $187,000 after purchasing an additional 932 shares during the last quarter. Texas Permanent School Fund Corp acquired a new stake in Cleanspark during the 2nd quarter valued at approximately $548,000. Finally, Neuberger Berman Group LLC increased its position in Cleanspark by 374.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 50,120 shares of the company's stock valued at $553,000 after buying an additional 39,553 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.