Cleanspark, Inc. (CLSK) - What Are Researchers Thinking About This Stock?

Key Points

• Analysts remain broadly positive: CleanSpark has a “Moderate Buy” consensus from 16 analysts, with 13 buy ratings and an average 12-month price target of $23.88.
• Recent financial results were weaker than expected: The company reported a quarterly loss of $0.89 per share versus the $0.47 consensus loss, while revenue fell 30.5% year over year to $138.01 million.
• Institutional ownership is significant, but insiders have been selling: Institutional investors and hedge funds own 43.12% of shares, while insiders sold 33,151 shares worth approximately $435,473 over the past three months.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the sixteen analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $23.88.

A number of equities research analysts have recently commented on the company. Cantor Fitzgerald restated an "overweight" rating and set a $26.00 target price on shares of Cleanspark in a research report on Friday, August 7th. Zacks Research raised Cleanspark from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Weiss Ratings raised Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. BTIG Research reiterated a "buy" rating and set a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. Finally, HC Wainwright reissued a "buy" rating on shares of Cleanspark in a report on Friday, August 7th.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 3,335 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total transaction of $41,120.55. Following the completion of the transaction, the chief operating officer directly owned 336,810 shares of the company's stock, valued at $4,152,867.30. This represents a 0.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 33,151 shares of company stock valued at $435,473 in the last three months. 2.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors have recently added to or reduced their stakes in CLSK. Dimensional Fund Advisors LP boosted its stake in shares of Cleanspark by 81.3% in the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company's stock worth $120,007,000 after acquiring an additional 6,323,715 shares during the last quarter. Situational Awareness LP raised its stake in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock valued at $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Bank of America Corp DE raised its stake in Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company's stock valued at $21,928,000 after purchasing an additional 849,865 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company's stock valued at $7,614,000 after purchasing an additional 770,000 shares during the last quarter. Finally, Headlands Technologies LLC raised its stake in Cleanspark by 214.8% in the 2nd quarter. Headlands Technologies LLC now owns 512,476 shares of the company's stock valued at $7,457,000 after purchasing an additional 349,658 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Price Performance

NASDAQ:CLSK opened at $9.23 on Thursday. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -2.45 and a beta of 3.84. The company has a 50 day moving average price of $12.44 and a 200-day moving average price of $13.33. Cleanspark has a 1-year low of $8.00 and a 1-year high of $23.61.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to analysts' expectations of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The firm's quarterly revenue was down 30.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. Equities research analysts forecast that Cleanspark will post -1.40 EPS for the current year.

Cleanspark Company Profile

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.

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