Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares traded up 7.9% during trading on Wednesday . The stock traded as high as $11.86 and last traded at $11.96. 6,432,123 shares were traded during trading, a decline of 75% from the average session volume of 25,653,961 shares. The stock had previously closed at $11.08.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday, June 13th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. B. Riley started coverage on shares of Cleanspark in a research report on Tuesday. They set a "buy" rating and a $16.00 price objective on the stock. Finally, Chardan Capital restated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Wednesday, June 25th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cleanspark has an average rating of "Buy" and an average target price of $20.38.
Check Out Our Latest Stock Report on Cleanspark
Cleanspark Trading Down 1.5%
The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of -12.81 and a beta of 4.23. The firm's 50 day simple moving average is $9.45 and its 200-day simple moving average is $9.34.
Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The company's revenue for the quarter was up 62.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 earnings per share. As a group, sell-side analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.
Insider Transactions at Cleanspark
In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.65% of the company's stock.
Institutional Trading of Cleanspark
Institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its holdings in Cleanspark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after buying an additional 1,405 shares in the last quarter. Corebridge Financial Inc. grew its holdings in shares of Cleanspark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock worth $1,139,000 after acquiring an additional 1,507 shares during the period. Wellington Management Group LLP increased its stake in Cleanspark by 15.1% in the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after purchasing an additional 1,834 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Cleanspark by 13.5% during the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after purchasing an additional 1,898 shares during the last quarter. Finally, Harvest Portfolios Group Inc. boosted its position in Cleanspark by 2.4% during the first quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock worth $568,000 after purchasing an additional 2,014 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company's stock.
About Cleanspark
(
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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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