Cleanspark's (CLSK) "Hold (C)" Rating Reaffirmed at Weiss Ratings

Key Points

• Cleanspark's stock has been given a "hold (C)" rating by Weiss Ratings, despite multiple other analysts assigning varying buy ratings and target price increases, indicating mixed sentiments in the market.
• The company's Q2 earnings report showed a significant increase in revenue by 90.8% year-over-year, with earnings per share way above analysts' estimates, reflecting strong operational performance.
• Insider trading activity was noted, with COO Taylor Monnig selling over 63,000 shares, which could signal a potential concern regarding the insider's confidence in the company’s future prospects.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "hold (c)" rating restated by equities research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other research analysts have also issued reports about the company. Cantor Fitzgerald upped their price objective on Cleanspark from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Monday. BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $14.00 target price (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Macquarie increased their target price on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, LADENBURG THALM/SH SH assumed coverage on Cleanspark in a report on Monday, July 28th. They set a "buy" rating and a $20.25 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Cleanspark has a consensus rating of "Moderate Buy" and a consensus price target of $20.14.

Cleanspark Stock Performance

CLSK traded up $1.02 during trading hours on Wednesday, reaching $18.98. The company's stock had a trading volume of 43,366,530 shares, compared to its average volume of 35,298,116. Cleanspark has a 52 week low of $6.45 and a 52 week high of $19.69. The company's 50-day moving average is $11.49 and its 200-day moving average is $10.23. The firm has a market cap of $5.33 billion, a PE ratio of 22.33 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same quarter in the prior year, the business earned ($1.03) EPS. The firm's revenue for the quarter was up 90.8% on a year-over-year basis. Equities analysts anticipate that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $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 is available through this link. 2.65% of the stock is owned by company insiders.

Institutional Trading of Cleanspark

Hedge funds have recently made changes to their positions in the company. CX Institutional acquired a new position in shares of Cleanspark in the first quarter worth approximately $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Cleanspark in the second quarter worth approximately $29,000. Fifth Third Bancorp lifted its stake in shares of Cleanspark by 145.3% in 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 shares of Cleanspark in the first quarter worth approximately $38,000. Finally, Quarry LP acquired a new position in shares of Cleanspark in the first quarter worth approximately $47,000. 43.12% of the stock is 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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