Chardan Capital reiterated their buy rating on shares of Cleanspark (NASDAQ:CLSK - Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. Chardan Capital currently has a $20.00 price objective on the stock.
Other equities analysts have also issued reports about the company. B. Riley began coverage on Cleanspark in a research report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, June 13th. Finally, BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $20.38.
Check Out Our Latest Stock Analysis on Cleanspark
Cleanspark Price Performance
CLSK traded up $0.27 during trading hours on Tuesday, reaching $11.60. 22,371,513 shares of the stock traded hands, compared to its average volume of 27,958,138. The firm's fifty day simple moving average is $9.64 and its two-hundred day simple moving average is $9.32. The company has a market cap of $3.26 billion, a price-to-earnings ratio of -12.08 and a beta of 4.23. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $20.49.
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 analysts' consensus estimates of $0.03 by ($0.05). The business had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The firm's revenue was up 62.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 earnings per share. On average, research analysts predict that Cleanspark will post 0.58 earnings per share for the current year.
Insiders Place Their Bets
In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director directly owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Cleanspark
A number of institutional investors have recently modified their holdings of CLSK. Vanguard Group Inc. lifted its holdings in Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after acquiring an additional 4,489,866 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Cleanspark by 1,018.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after buying an additional 1,536,145 shares during the last quarter. Jump Financial LLC bought a new position in Cleanspark during the 4th quarter worth $13,443,000. Principal Financial Group Inc. increased its position in Cleanspark by 6,449.7% in the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after buying an additional 1,366,752 shares during the period. Finally, Nuveen LLC bought a new stake in Cleanspark in the first quarter valued at $8,109,000. Institutional investors own 43.12% of the company's stock.
About Cleanspark
(
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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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