Cleanspark (NASDAQ:CLSK) Stock Price Up 4.6% After Analyst Upgrade

Key Points

• Cleanspark's stock rose 4.6% following an upgrade from Chardan Capital, which increased its price target from $20.00 to $30.00 and maintained a buy rating.
• Analysts' ratings reflect a consensus of nine buy recommendations and two hold ratings, with an average price target of $22.03.
• Cleanspark reported $0.78 EPS for its last quarter, significantly beating estimates and demonstrating a 90.8% revenue increase compared to the previous year.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) traded up 4.6% during mid-day trading on Tuesday after Chardan Capital raised their price target on the stock from $20.00 to $30.00. Chardan Capital currently has a buy rating on the stock. Cleanspark traded as high as $20.62 and last traded at $20.96. 10,719,920 shares traded hands during trading, a decline of 59% from the average session volume of 26,117,656 shares. The stock had previously closed at $20.04.

Other equities analysts have also recently issued research reports about the stock. LADENBURG THALM/SH SH assumed coverage on shares of Cleanspark in a research report on Monday, July 28th. They issued a "buy" rating and a $20.25 price target on the stock. BTIG Research raised their price target on shares of Cleanspark from $22.00 to $26.00 and gave the company a "buy" rating in a research report on Monday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cleanspark in a research report on Wednesday, October 8th. Cantor Fitzgerald raised their price target 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. Finally, Needham & Company LLC raised their price target on shares of Cleanspark from $21.00 to $23.00 and gave the company a "buy" rating in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $22.03.

Insider Activity at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of Cleanspark 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 transaction, the chief operating officer owned 120,337 shares of the company's stock, valued at $1,097,473.44. This trade represents a 34.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds have recently modified their holdings of CLSK. CX Institutional bought a new position in shares of Cleanspark during the 1st quarter worth approximately $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cleanspark during the 2nd quarter worth approximately $29,000. Fifth Third Bancorp increased its stake in shares of Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after purchasing an additional 1,694 shares during the last quarter. Strs Ohio purchased a new stake in shares of Cleanspark during the 1st quarter worth approximately $38,000. Finally, Quarry LP purchased a new stake in shares of Cleanspark during the 1st quarter worth approximately $47,000. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Performance

The company's 50 day moving average price is $12.03 and its 200-day moving average price is $10.51. The company has a market cap of $5.93 billion, a PE ratio of 24.91 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (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 company had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. During the same quarter last year, the business posted ($1.03) EPS. Cleanspark's quarterly revenue was up 90.8% compared to the same quarter last year. Equities research 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.

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.