Cleanspark (NASDAQ:CLSK) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Cleanspark's stock reached a new 52-week high after an upgrade from Cantor Fitzgerald, which raised its price target from $23.00 to $24.00, reflecting an overweight rating on the stock.
• Despite the positive outlook from Cantor Fitzgerald, other firms like JPMorgan Chase have issued a "neutral" rating with a lower price target, indicating mixed perspectives among analysts.
• Insider trading activity includes COO Taylor Monnig selling over 63,000 shares, reducing their ownership by 34.62%, while institutional investors have increased their stakes, suggesting confidence in the company’s future.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday after Cantor Fitzgerald raised their price target on the stock from $23.00 to $24.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cleanspark traded as high as $18.37 and last traded at $18.45, with a volume of 1999030 shares changing hands. The stock had previously closed at $17.43.

CLSK has been the topic of several other reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $14.00 target price (down from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a research note on Monday, September 8th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Cleanspark in a research note on Saturday, September 27th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Cleanspark presently has an average rating of "Moderate Buy" and an average target price of $20.14.

Insiders Place Their Bets

In related news, COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares of the company's stock, valued at $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Cleanspark in the 1st quarter valued at $8,109,000. Public Sector Pension Investment Board purchased a new stake in shares of Cleanspark during the 1st quarter worth about $5,925,000. Rhumbline Advisers raised its stake in shares of Cleanspark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock worth $4,844,000 after purchasing an additional 386,809 shares in the last quarter. Swiss National Bank raised its stake in shares of Cleanspark by 13.8% during the 1st quarter. Swiss National Bank now owns 566,800 shares of the company's stock worth $3,809,000 after purchasing an additional 68,900 shares in the last quarter. Finally, Mutual of America Capital Management LLC purchased a new stake in shares of Cleanspark during the 1st quarter worth about $272,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Stock Performance

The company has a market capitalization of $5.12 billion, a PE ratio of 21.31 and a beta of 3.88. The stock has a 50 day moving average price of $11.21 and a two-hundred day moving average price of $10.12.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for 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 firm posted ($1.03) EPS. Sell-side analysts predict that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

About Cleanspark

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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