Cleanspark (NASDAQ:CLSK) Given New $20.00 Price Target at Macquarie

Key Points

• Macquarie has raised its price target for Cleanspark (NASDAQ:CLSK) from $18.00 to $20.00, indicating a potential upside of 98.61% from the previous close.
• Cleanspark reported $198.64 million in revenue for the last quarter, surpassing estimates of $191.33 million, with a 90.8% increase compared to the same quarter last year.
• Analysts show a consensus rating of "Moderate Buy" for Cleanspark, with ten ratings designated as "buy" and an average price target of $20.47.

Cleanspark (NASDAQ:CLSK - Free Report) had its target price increased by Macquarie from $18.00 to $20.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

CLSK has been the topic of a number of other reports. LADENBURG THALM/SH SH assumed coverage on shares of Cleanspark in a report on Monday, July 28th. They issued a "buy" rating and a $20.25 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Cantor Fitzgerald upped their target price on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a report on Friday, August 8th. Finally, B. Riley increased their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.47.

Cleanspark Stock Performance

NASDAQ CLSK traded up $0.01 on Friday, reaching $9.93. The company had a trading volume of 5,754,768 shares, compared to its average volume of 25,412,465. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 11.72 and a beta of 3.72. Cleanspark has a 1-year low of $6.45 and a 1-year high of $17.97. The company's fifty day moving average is $10.99 and its 200-day moving average is $9.53.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly 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 8.89%. The firm had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same period in the previous year, the firm posted ($1.03) EPS. The company's revenue for the quarter was up 90.8% on a year-over-year basis. On average, research analysts forecast that Cleanspark will post 0.58 earnings per share for the current year.

Insider Activity

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction that occurred 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 $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Several large investors have recently modified their holdings of the business. Prudential Financial Inc. raised its stake in shares of Cleanspark by 9.1% during the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after acquiring an additional 1,405 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock valued at $32,000 after buying an additional 1,694 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Cleanspark by 15.1% during the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after buying an additional 1,834 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Cleanspark by 13.5% during the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after buying an additional 1,898 shares during the last quarter. Finally, Harvest Portfolios Group Inc. grew its holdings in shares of Cleanspark by 2.4% during the first quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock valued at $568,000 after buying an additional 2,014 shares during the last quarter. Institutional investors own 43.12% of the company's stock.

About Cleanspark

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.