Cleanspark (NASDAQ:CLSK) Raised to "Strong-Buy" at B. Riley

B. Riley upgraded shares of Cleanspark (NASDAQ:CLSK - Free Report) to a strong-buy rating in a report published on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their price target on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, June 13th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, Chardan Capital reissued a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a research report on Wednesday, June 25th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Cleanspark has a consensus rating of "Buy" and a consensus target price of $20.38.

Cleanspark Stock Up 12.6%

Shares of Cleanspark stock traded up $1.40 during trading on Monday, hitting $12.48. The stock had a trading volume of 40,595,844 shares, compared to its average volume of 27,962,727. Cleanspark has a 1 year low of $6.45 and a 1 year high of $20.49. The stock has a 50 day simple moving average of $9.38 and a 200 day simple moving average of $9.32. The company has a market capitalization of $3.51 billion, a PE ratio of -13.00 and a beta of 4.24.

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

Insider Buying and Selling

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director directly owned 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is owned by company insiders.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of Cleanspark during the fourth quarter worth approximately $338,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Cleanspark by 68.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock worth $2,595,000 after acquiring an additional 114,674 shares during the period. Quadrant Capital Group LLC acquired a new position in Cleanspark during the 4th quarter valued at $734,000. Algert Global LLC raised its stake in Cleanspark by 284.1% during the 4th quarter. Algert Global LLC now owns 198,862 shares of the company's stock valued at $1,832,000 after purchasing an additional 147,086 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Cleanspark by 27.7% in the 4th quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock valued at $2,684,000 after purchasing an additional 63,123 shares during the period. Institutional investors and hedge funds 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.