Cleanspark (NASDAQ:CLSK) Upgraded at Wall Street Zen

Key Points

• Cleanspark has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a more positive outlook from analysts.
• Multiple analysts have recently increased their price targets for Cleanspark, with estimates ranging from $15.00 to $25.00, indicating confidence in the company's potential.
• As of the latest reports, Cleanspark has a market cap of $2.93 billion and a consensus target price of $20.69, suggesting further growth possibility.

Wall Street Zen upgraded shares of Cleanspark (NASDAQ:CLSK - Free Report) from a sell rating to a hold rating in a report released on Saturday.

CLSK has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Cantor Fitzgerald raised their price target on shares of Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Cleanspark in a report on Tuesday, July 8th. B. Riley began coverage on shares of Cleanspark in a report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective for the company. Finally, BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $20.69.

Cleanspark Stock Down 0.2%

NASDAQ:CLSK traded down $0.02 during trading hours on Friday, reaching $10.81. 10,376,059 shares of the stock were exchanged, compared to its average volume of 25,418,541. The business has a 50-day moving average of $10.85 and a two-hundred day moving average of $9.57. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -11.21 and a beta of 3.72.

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 analysts' consensus estimates of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. During the same quarter in the previous year, the business posted $0.59 earnings per share. Cleanspark's revenue was up 62.5% on a year-over-year basis. On average, research analysts forecast that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Activity

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CLSK. Vanguard Group Inc. boosted its stake in Cleanspark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after buying an additional 495,367 shares during the last quarter. Corebridge Financial Inc. boosted its position in shares of Cleanspark by 1.2% during 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 in the last quarter. Prudential Financial Inc. boosted its position in shares of Cleanspark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares during the period. Alliancebernstein L.P. lifted its position in Cleanspark by 1.0% during the 4th quarter. Alliancebernstein L.P. now owns 285,305 shares of the company's stock worth $2,628,000 after acquiring an additional 2,955 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Cleanspark by 58.7% in the 4th quarter. Franklin Resources Inc. now owns 119,679 shares of the company's stock valued at $1,102,000 after buying an additional 44,251 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.