Chardan Capital Raises Earnings Estimates for Cleanspark

Cleanspark, Inc. (NASDAQ:CLSK - Free Report) - Research analysts at Chardan Capital upped their FY2026 earnings per share estimates for shares of Cleanspark in a research note issued to investors on Tuesday, July 8th. Chardan Capital analyst J. Mcilree now forecasts that the company will post earnings of $1.09 per share for the year, up from their prior estimate of $1.04. Chardan Capital currently has a "Buy" rating and a $20.00 target price on the stock. The consensus estimate for Cleanspark's current full-year earnings is $0.58 per share.

Several other equities research analysts have also commented on the stock. BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. JPMorgan Chase & Co. lifted their target price on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, June 13th. Finally, B. Riley started coverage on Cleanspark in a research report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cleanspark presently has an average rating of "Buy" and a consensus price target of $20.38.

Cleanspark Stock Performance

Shares of NASDAQ CLSK traded down $0.40 during midday trading on Thursday, hitting $12.50. 28,508,659 shares of the company traded hands, compared to its average volume of 25,959,492. The stock has a 50-day moving average price of $9.87 and a 200 day moving average price of $9.37. The firm has a market cap of $3.51 billion, a P/E ratio of -13.02 and a beta of 4.23. Cleanspark has a 12-month low of $6.45 and a 12-month high of $20.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company's quarterly revenue was up 62.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 EPS.

Institutional Trading of Cleanspark

Several hedge funds have recently made changes to their positions in CLSK. Exchange Traded Concepts LLC raised its position in Cleanspark by 17.3% in the second quarter. Exchange Traded Concepts LLC now owns 1,043,848 shares of the company's stock valued at $11,514,000 after purchasing an additional 154,308 shares during the period. Voya Investment Management LLC raised its position in Cleanspark by 103.8% in the first quarter. Voya Investment Management LLC now owns 149,672 shares of the company's stock valued at $1,006,000 after purchasing an additional 76,247 shares during the period. Rhumbline Advisers boosted its holdings in Cleanspark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock valued at $4,844,000 after acquiring an additional 386,809 shares during the period. Strs Ohio acquired a new position in shares of Cleanspark in the first quarter worth $38,000. Finally, Belpointe Asset Management LLC boosted its holdings in Cleanspark by 87.6% in the first quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company's stock valued at $130,000 after purchasing an additional 9,042 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.

Insider Buying and Selling at Cleanspark

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.65% of the stock is currently owned by insiders.

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.