Cleanspark (NASDAQ:CLSK) Trading 8.1% Higher - Here's What Happened

Key Points

• Cleanspark's share price rose 8.1% during mid-day trading, reaching as high as $15.18, significantly above the previous close of $13.74.
• A number of analysts have given Cleanspark a "buy" rating, with price targets ranging from $17.00 to $20.25, indicating positive growth expectations for the company.
• The company reported $0.78 earnings per share for the last quarter, surpassing consensus estimates and representing a 90.8% year-over-year revenue increase.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price rose 8.1% during mid-day trading on Tuesday . The stock traded as high as $15.18 and last traded at $14.86. Approximately 11,494,590 shares changed hands during trading, a decline of 54% from the average daily volume of 24,909,268 shares. The stock had previously closed at $13.74.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CLSK shares. B. Riley upped their price objective on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a report on Friday, August 8th. LADENBURG THALM/SH SH began coverage on Cleanspark in a research report on Monday, July 28th. They issued a "buy" rating and a $20.25 target price for the company. Macquarie increased their price target 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. BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a research report on Monday, September 8th. Ten research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $20.47.

Cleanspark Price Performance

The firm's 50-day moving average price is $10.75 and its 200 day moving average price is $9.64. The firm has a market cap of $3.94 billion, a P/E ratio of 16.53 and a beta of 3.65.

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

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the sale, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. CX Institutional acquired a new position in shares of Cleanspark during the first quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Cleanspark during the second quarter worth about $29,000. Fifth Third Bancorp grew its holdings in Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after acquiring an additional 1,694 shares during the period. Strs Ohio acquired a new position in Cleanspark during the first quarter worth about $38,000. Finally, Quarry LP acquired a new position in Cleanspark during the first quarter worth about $47,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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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