Cleanspark (NASDAQ:CLSK) Stock Price Up 7.3% - Should You Buy?

Key Points

• Cleanspark's stock experienced a notable increase of 7.3%, trading as high as $19.27, following a previous close of $17.96 and a significant decrease in trading volume.
• Several analysts have upgraded Cleanspark’s ratings, with a consensus of "Moderate Buy" and an average target price of $20.14.
• The company reported a quarterly earnings surprise with $0.78 EPS, significantly exceeding the consensus estimate of $0.07, alongside a substantial year-over-year revenue growth of 90.8%.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price rose 7.3% during mid-day trading on Wednesday . The stock traded as high as $19.25 and last traded at $19.27. Approximately 10,704,514 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 25,656,811 shares. The stock had previously closed at $17.96.

Analyst Upgrades and Downgrades

CLSK has been the topic of a number of research reports. BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Cantor Fitzgerald increased their price objective on Cleanspark from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Monday. Chardan Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of Cleanspark in a research report on Monday, September 8th. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, B. Riley increased their price target on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.14.

Cleanspark Stock Up 7.9%

The firm has a market cap of $5.45 billion, a P/E ratio of 22.61 and a beta of 3.88. The stock's 50-day simple moving average is $11.34 and its 200 day simple moving average is $10.17.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business's quarterly revenue was up 90.8% on a year-over-year basis. During the same period last year, the company posted ($1.03) EPS. On average, research analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CLSK. GAMMA Investing LLC lifted its position in shares of Cleanspark by 207.8% during the 1st 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. Rhumbline Advisers lifted its position in shares of Cleanspark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock valued at $4,844,000 after acquiring an additional 386,809 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Cleanspark by 93.4% during the 1st quarter. Farther Finance Advisors LLC now owns 26,306 shares of the company's stock valued at $177,000 after acquiring an additional 12,706 shares during the period. Yousif Capital Management LLC acquired a new position in shares of Cleanspark during the 1st quarter valued at $689,000. Finally, CX Institutional acquired a new position in shares of Cleanspark during the 1st quarter valued at $26,000. 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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