Cleanspark, Inc. (NASDAQ:CLSK) Stock Has Consensus Target Price of $20.71 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: 17 brokerages give CleanSpark an average “Moderate Buy” rating, with a consensus 12-month price target of $20.71. Several firms have recently cut their targets, including B. Riley ($26 to $21) and Cantor Fitzgerald ($26 to $19).
• Recent financial results disappointed: CleanSpark reported a quarterly loss of $0.89 per share, worse than the $0.47 loss analysts expected, while revenue of $138.01 million missed estimates and fell 30.5% year over year.
• Shares opened at $6.16 and were near their 52-week low of $5.53; the article also cites Texas policy uncertainty as a risk. Insiders sold 33,151 shares in the last quarter.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned an average rating of "Moderate Buy" from the seventeen brokerages that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $20.71.

Several analysts have recently weighed in on the company. B. Riley Financial reduced their target price on Cleanspark from $26.00 to $21.00 and set a "buy" rating for the company in a report on Friday, October 30th. Weiss Ratings raised Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. HC Wainwright restated a "buy" rating on shares of Cleanspark in a research note on Friday, August 7th. Cantor Fitzgerald cut their price target on Cleanspark from $26.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, October 16th. Finally, Canaccord Genuity Group initiated coverage on Cleanspark in a research report on Thursday, October 22nd. They set a "buy" rating and a $20.00 price target on the stock.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $6.16 on Monday. Cleanspark has a 12 month low of $5.53 and a 12 month high of $19.17. The firm has a market capitalization of $1.58 billion, a P/E ratio of -1.63 and a beta of 3.66. 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 company's fifty day moving average price is $10.98 and its 200 day moving average price is $12.19.

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

Insider Buying and Selling

In other news, COO Taylor Monnig sold 25,249 shares of the company's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the completion of the sale, the chief operating officer directly owned 236,114 shares of the company's stock, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 33,151 shares of company stock valued at $435,473 in the last quarter. Insiders own 2.08% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Markowski Investments purchased a new position in shares of Cleanspark in the 2nd quarter valued at about $25,000. GK Wealth Management LLC purchased a new position in Cleanspark during the third quarter worth $52,000. Versant Capital Management Inc lifted its position in shares of Cleanspark by 229.0% in the third quarter. Versant Capital Management Inc now owns 4,939 shares of the company's stock valued at $64,000 after acquiring an additional 3,438 shares in the last quarter. KBC Group NV lifted its position in shares of Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company's stock valued at $73,000 after acquiring an additional 828 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Cleanspark by 53.7% during the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company's stock valued at $76,000 after acquiring an additional 1,822 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company's stock.

Cleanspark News Summary

Here are the key news stories impacting Cleanspark this week:

• Positive Sentiment: Sanford C. Bernstein maintained its “Outperform” rating while cutting its price target to $11 from $24. The target implies substantial upside from the $5.79 price cited in the report. Bernstein rating and price target
• Positive Sentiment: A separate article raises the possibility that CLSK is materially undervalued, though it notes Texas policy risk as a challenge to that view. Texas policy risk and valuation discussion
• Neutral Sentiment: CleanSpark announced that it will participate in upcoming investor conferences. The company said webcast, replay, and presentation details will be available through its investor relations page. CleanSpark announces investor events
• Negative Sentiment: Keefe, Bruyette & Woods downgraded CLSK to “Market Perform,” a likely source of selling pressure. KBW downgrade
• Negative Sentiment: Coverage also points to Texas policy uncertainty as a risk for the company and reports that shares recently fell to a 52-week low. Recent share decline and analyst outlook

Cleanspark Company Profile

CleanSpark, Inc is a U.S.-based bitcoin mining and data center company. It operates facilities equipped with specialized computers that help process transactions on the Bitcoin network and earn bitcoin through mining.

The company's roots are in energy technology, including microgrid and energy-management solutions. It shifted its primary focus to bitcoin mining in 2020 and has since expanded its mining operations in the United States, with facilities in states including Georgia and Mississippi.

Zach Bradford serves as CleanSpark's chief executive officer.

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