Cleanspark (NASDAQ:CLSK) Trading 10.4% Higher - Time to Buy?

Key Points

• Cleanspark's stock surged by 10.4%, rising to $14.31 from a previous close of $12.96, though trading volume saw a 74% decline compared to the average.
• Despite a price target cut by JPMorgan to $14.00, multiple research firms retain positive outlooks, with B. Riley and Cantor Fitzgerald setting targets of $17.00 and $26.00, respectively.
• The company reported a significant increase in revenue for the last quarter, with a 90.8% year-over-year growth, along with an earnings per share significantly outperforming analysts' expectations.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) traded up 10.4% during mid-day trading on Monday . The stock traded as high as $14.04 and last traded at $14.31. 6,631,812 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 25,235,088 shares. The stock had previously closed at $12.96.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. restated a "neutral" rating and set a $14.00 price objective (down from $15.00) on shares of Cleanspark in a research note on Friday. B. Riley boosted their price objective on shares of Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research note on Monday, September 8th. Finally, Cantor Fitzgerald boosted their price objective on shares of Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.36.

Cleanspark Stock Performance

The firm has a market cap of $4.20 billion, a P/E ratio of 17.69 and a beta of 3.65. The firm's fifty day moving average is $10.84 and its 200 day moving average is $9.80.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 47.98% and a return on equity of 8.89%. The business's revenue for the quarter was up 90.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.03) EPS. As a group, equities research analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of the company'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 completion of the sale, the chief operating officer 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

A number of institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp acquired a new position in Cleanspark in the 2nd quarter valued at approximately $548,000. Neuberger Berman Group LLC increased its position in Cleanspark by 374.3% in 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 period. Marex Group plc acquired a new position in Cleanspark in the 2nd quarter valued at approximately $247,000. Public Sector Pension Investment Board increased its position in Cleanspark by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 948,234 shares of the company's stock valued at $10,459,000 after acquiring an additional 66,571 shares during the period. Finally, Evergreen Capital Management LLC acquired a new position in Cleanspark in the 2nd quarter valued at approximately $222,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.

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