Cleanspark (NASDAQ:CLSK) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Needham & Company LLC has raised its price target for Cleanspark (NASDAQ: CLSK) from $21.00 to $23.00, indicating a potential upside of 14.48% from the stock's previous close.
• Cleanspark reported a net margin of 47.98% and a revenue increase of 90.8% year-over-year, with earnings per share of $0.78 surpassing expectations of $0.07.
• A significant amount of institutional investment has been noted, with firms like Vanguard Group and Principal Financial Group substantially increasing their stakes in Cleanspark recently.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price objective upped by equities research analysts at Needham & Company LLC from $21.00 to $23.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective would indicate a potential upside of 14.48% from the stock's previous close.

CLSK has been the subject of a number of other reports. Cantor Fitzgerald lifted their price objective on shares of Cleanspark from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Monday. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Macquarie lifted their price objective on shares of Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH assumed 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. Finally, B. Riley boosted their target price on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $20.47.

Cleanspark Stock Performance

Shares of CLSK stock opened at $20.09 on Friday. The company has a market capitalization of $5.65 billion, a P/E ratio of 23.64 and a beta of 3.88. The company's 50 day moving average price is $11.67 and its two-hundred day moving average price is $10.31. Cleanspark has a 52 week low of $6.45 and a 52 week high of $20.58.

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

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value 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. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Vanguard Group Inc. raised its stake in Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares in the last quarter. Principal Financial Group Inc. raised its stake in Cleanspark by 6,449.7% during the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after acquiring an additional 1,366,752 shares in the last quarter. Nuveen LLC acquired a new position in Cleanspark during the first quarter worth about $8,109,000. Bank of New York Mellon Corp raised its stake in Cleanspark by 128.9% during the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock worth $10,613,000 after acquiring an additional 889,317 shares in the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in Cleanspark during the first quarter worth about $5,925,000. 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.

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