Cleanspark (NASDAQ:CLSK) Earns "Buy" Rating from Chardan Capital

Key Points

• Cleanspark's stock received a reaffirmed "buy" rating from Chardan Capital with a price target of $20.00, indicating a potential upside of 86.57% from its previous close.
• The company reported $0.78 earnings per share for the latest quarter, significantly surpassing analysts' expectations of $0.07, and marked a 90.8% increase in quarterly revenue year-over-year.
• Institutional investors are showing increased interest, with over 43.12% of Cleanspark's stock now held by institutional investors following several new acquisitions and increases in holdings.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Chardan Capital in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $20.00 price objective on the stock. Chardan Capital's price objective points to a potential upside of 98.61% from the company's previous close.

Several other analysts have also recently commented on CLSK. JPMorgan Chase & Co. raised their price target on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. BTIG Research restated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. LADENBURG THALM/SH SH initiated coverage on shares of Cleanspark in a report on Monday, July 28th. They set a "buy" rating and a $20.25 price target for the company. 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 report on Monday, July 28th. Finally, B. Riley initiated coverage on shares of Cleanspark in a report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.47.

Cleanspark Trading Down 6.1%

Shares of CLSK traded down $0.65 during midday trading on Friday, hitting $10.07. The stock had a trading volume of 33,927,835 shares, compared to its average volume of 22,488,066. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $17.97. The business has a 50-day simple moving average of $10.95 and a two-hundred day simple moving average of $9.54. The firm has a market cap of $2.83 billion, a P/E ratio of 11.85 and a beta of 3.72.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 9.19%. The company had revenue of $198.64 million during the quarter, compared to analysts' expectations of $191.33 million. During the same period last year, the company posted ($1.03) earnings per share. The business's revenue for the quarter was up 90.8% on a year-over-year basis. On average, analysts expect that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

Institutional investors have recently bought and sold shares of the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Cleanspark by 68.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock worth $2,595,000 after buying an additional 114,674 shares in the last quarter. Algert Global LLC boosted its stake in Cleanspark by 284.1% during the fourth quarter. Algert Global LLC now owns 198,862 shares of the company's stock worth $1,832,000 after buying an additional 147,086 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Cleanspark by 27.7% during the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock worth $2,684,000 after buying an additional 63,123 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Cleanspark by 128.9% during the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock worth $10,613,000 after buying an additional 889,317 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Cleanspark by 24.5% during the first quarter. Exchange Traded Concepts LLC now owns 889,540 shares of the company's stock worth $5,978,000 after buying an additional 175,291 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

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.