Macquarie Issues Positive Forecast for Cleanspark (NASDAQ:CLSK) Stock Price

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 - Get Free Report) had its price target lifted by equities researchers at Macquarie from $18.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Macquarie's price target suggests a potential upside of 98.61% from the stock's previous close.

CLSK has been the topic of several other research reports. JPMorgan Chase & Co. boosted their target price on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. B. Riley raised their target price on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday. Chardan Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of Cleanspark in a report on Friday. Cantor Fitzgerald upped their price target on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday. Finally, Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cleanspark presently has a consensus rating of "Moderate Buy" and an average price target of $20.47.

Cleanspark Price Performance

NASDAQ:CLSK traded down $0.65 during midday trading on Friday, reaching $10.07. 33,840,443 shares of the company traded hands, compared to its average volume of 25,535,771. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -10.49 and a beta of 3.72. The company has a fifty day moving average price of $10.92 and a 200 day moving average price of $9.57. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.07 by $0.71. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. During the same quarter last year, the business earned ($1.03) earnings per share. Cleanspark's revenue was up 90.8% compared to the same quarter last year. On average, equities research analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Activity at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the business'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 transaction of $525,500.00. Following the sale, the director owned 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cleanspark

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Prudential Financial Inc. lifted its holdings in shares of Cleanspark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares in the last quarter. Fifth Third Bancorp lifted its stake in Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after acquiring an additional 1,694 shares in the last quarter. Wellington Management Group LLP boosted its position in Cleanspark by 15.1% during the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock worth $94,000 after acquiring an additional 1,834 shares during the period. Mackenzie Financial Corp boosted its position in Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after acquiring an additional 1,898 shares during the period. Finally, Harvest Portfolios Group Inc. grew its stake in Cleanspark by 2.4% during the 1st quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock valued at $568,000 after acquiring an additional 2,014 shares in the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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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