Cleanspark (NASDAQ:CLSK) Stock Price Expected to Rise, Macquarie Analyst Says

Key Points

• Macquarie research analysts have increased the price target for Cleanspark (NASDAQ:CLSK) from $20.00 to $30.00, indicating a potential upside of 77.94% from its previous close, while maintaining an "outperform" rating.
• The stock is currently trading at $16.86 after a decline of 10.2%, despite having a 52-week high of $23.61 and a market cap of $4.74 billion.
• Cleanspark reported impressive earnings, with a net margin of 47.98% and a year-over-year revenue increase of 90.8% in its last quarter.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target upped by research analysts at Macquarie from $20.00 to $30.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Macquarie's price objective suggests a potential upside of 77.94% from the stock's previous close.

A number of other equities research analysts also recently weighed in on CLSK. Cantor Fitzgerald boosted their price objective on shares of Cleanspark from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Monday, October 6th. BTIG Research boosted their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, October 13th. B. Riley boosted their price objective on shares of Cleanspark from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cleanspark has a consensus rating of "Moderate Buy" and an average price target of $23.83.

Cleanspark Stock Down 10.2%

Shares of Cleanspark stock traded down $1.91 on Wednesday, hitting $16.86. 36,275,373 shares of the company's stock traded hands, compared to its average volume of 26,751,375. Cleanspark has a 52-week low of $6.45 and a 52-week high of $23.61. The stock has a market cap of $4.74 billion, a P/E ratio of 19.84 and a beta of 3.88. The firm's 50-day moving average is $13.26 and its 200 day moving average is $11.04.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.71. The company had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The company's revenue was up 90.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.03) EPS. Equities research analysts forecast that Cleanspark will post 0.58 EPS for the current year.

Insider Activity

In other news, COO Taylor Monnig sold 63,713 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

A number of large investors have recently made changes to their positions in CLSK. GAMMA Investing LLC raised its holdings in shares of Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after acquiring an additional 8,212 shares during the period. State of Alaska Department of Revenue acquired a new position in Cleanspark in the 1st quarter valued at approximately $1,035,000. Cambridge Investment Research Advisors Inc. increased its stake in Cleanspark by 14.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 99,315 shares of the company's stock valued at $667,000 after buying an additional 12,417 shares during the period. Money Concepts Capital Corp increased its stake in Cleanspark by 25.3% in the 1st quarter. Money Concepts Capital Corp now owns 64,619 shares of the company's stock valued at $434,000 after buying an additional 13,048 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Cleanspark by 66.8% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 500,500 shares of the company's stock valued at $3,363,000 after buying an additional 200,500 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.