Cleanspark (NASDAQ:CLSK) Shares Gap Up on Analyst Upgrade

Key Points

• Cleanspark's stock price gapped up from $11.82 to $12.29 after Cantor Fitzgerald raised their price target from $22.00 to $25.00, maintaining an overweight rating on the stock.
• Multiple analysts cover Cleanspark, with the consensus rating being a "Buy" and an average price target of $20.69.
• In insider trading news, Director Roger Paul Beynon sold 50,000 shares at $10.51 each, reducing his ownership in the company by nearly 28.49%.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped up prior to trading on Monday after Cantor Fitzgerald raised their price target on the stock from $22.00 to $25.00. The stock had previously closed at $11.82, but opened at $12.29. Cantor Fitzgerald currently has an overweight rating on the stock. Cleanspark shares last traded at $12.03, with a volume of 5,023,100 shares changing hands.

Other analysts have also issued research reports about the company. BTIG Research reissued 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 target price on shares of Cleanspark in a research report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday. Finally, B. Riley initiated 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. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleanspark currently has a consensus rating of "Buy" and a consensus target price of $20.69.

Insider Buying and Selling

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director 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 SEC, which is available at this hyperlink. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cleanspark

Several large investors have recently bought and sold shares of CLSK. CX Institutional acquired a new stake in shares of Cleanspark during the first quarter worth about $26,000. Fifth Third Bancorp raised its holdings in Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after purchasing an additional 1,694 shares in the last quarter. Strs Ohio purchased a new position in Cleanspark in the first quarter valued at about $38,000. Quarry LP purchased a new position in Cleanspark in the first quarter valued at about $47,000. Finally, Russell Investments Group Ltd. increased its holdings in Cleanspark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Stock Down 0.4%

The company has a market capitalization of $3.19 billion, a PE ratio of -11.84 and a beta of 4.23. The stock's fifty day simple moving average is $10.75 and its 200-day simple moving average is $9.58.

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 firm had revenue of $181.71 million for the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.59 EPS. Analysts expect that Cleanspark, Inc. will post 0.58 EPS for the current year.

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.