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

Key Points

• Cleanspark's stock saw a significant increase after Needham & Company raised its price target from $21.00 to $23.00, resulting in a jump from a previous close of $20.09 to an opening price of $21.05.
• Several analysts have recently upgraded their ratings on Cleanspark, with nine analysts giving a Buy rating and two giving a Hold rating, while the consensus target price is $20.47.
• Cleanspark reported strong quarterly earnings, with a EPS of $0.78, far exceeding expectations, and a revenue increase of 90.8% compared to the same quarter last year.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up prior to trading on Friday after Needham & Company LLC raised their price target on the stock from $21.00 to $23.00. The stock had previously closed at $20.09, but opened at $21.05. Needham & Company LLC currently has a buy rating on the stock. Cleanspark shares last traded at $21.41, with a volume of 13,987,657 shares trading hands.

CLSK has been the subject of a number of other reports. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. B. Riley boosted their target price on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $14.00 target price (down from $15.00) on shares of Cleanspark in a research note on Friday, September 26th. Finally, Cantor Fitzgerald boosted their target price on Cleanspark from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Monday. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.47.

Insider Activity

In other news, COO Taylor Monnig sold 63,713 shares of the company'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 directly owned 120,337 shares of the company's stock, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.65% of the company's stock.

Institutional Trading of Cleanspark

Several institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC lifted its holdings in shares of Cleanspark by 119.6% in the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company's stock valued at $4,803,000 after purchasing an additional 180,371 shares during the last quarter. GAMMA Investing LLC raised its stake in Cleanspark by 7.8% during the 3rd quarter. GAMMA Investing LLC now owns 12,915 shares of the company's stock valued at $187,000 after acquiring an additional 932 shares during the last quarter. Texas Permanent School Fund Corp purchased a new stake in Cleanspark during the 2nd quarter valued at approximately $548,000. Neuberger Berman Group LLC raised its stake in Cleanspark by 374.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 50,120 shares of the company's stock valued at $553,000 after acquiring an additional 39,553 shares during the last quarter. Finally, Marex Group plc purchased a new stake in Cleanspark during the 2nd quarter valued at approximately $247,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Cleanspark Trading Up 5.7%

The company has a 50 day simple moving average of $11.67 and a 200 day simple moving average of $10.31. The stock has a market capitalization of $5.97 billion, a PE ratio of 25.07 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.07 by $0.71. The firm had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm's revenue was up 90.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.03) EPS. On average, equities research analysts predict that Cleanspark, Inc. will post 0.58 EPS 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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