Cleanspark (NASDAQ:CLSK) Hits New 12-Month Low Following Analyst Downgrade

Key Points

• CleanSpark hit a new 52-week low after Sanford C. Bernstein cut its price target from $24 to $11, while maintaining an outperform rating. Shares traded as low as $6.63.
• Analyst views remain mostly positive: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $20.71, despite recent target cuts from several brokerages.
• The company’s latest reported quarter fell short of expectations, with an $0.89-per-share loss versus an expected $0.47 loss and revenue down 30.5% year over year.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares reached a new 52-week low during trading on Thursday after Sanford C. Bernstein lowered their price target on the stock from $24.00 to $11.00. Sanford C. Bernstein currently has an outperform rating on the stock. Cleanspark traded as low as $6.63 and last traded at $6.4440, with a volume of 506,084 shares. The stock had previously closed at $6.80.

A number of other brokerages have also recently commented on CLSK. HC Wainwright reiterated a "buy" rating on shares of Cleanspark in a report on Friday, August 7th. B. Riley Financial decreased their target price on Cleanspark from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Friday, October 30th. Cantor Fitzgerald dropped their price target on shares of Cleanspark from $26.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, October 16th. Canaccord Genuity Group started coverage on Cleanspark in a report on Thursday, October 22nd. They set a "buy" rating and a $20.00 price target on the stock. Finally, Weiss Ratings raised Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.71.

Insider Activity

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total transaction of $41,120.55. Following the sale, the chief operating officer directly owned 336,810 shares of the company's stock, valued at $4,152,867.30. The trade was a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 33,151 shares of company stock worth $435,473 over the last quarter. 2.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Cleanspark

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

Cleanspark Trading Down 6.6%

The company's fifty day moving average price is $11.24 and its two-hundred day moving average price is $12.27. The company has a quick ratio of 5.91, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -1.72 and a beta of 3.66.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued 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). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. During the same quarter in the previous year, the firm posted $0.90 EPS. The company's revenue for the quarter was down 30.5% compared to the same quarter last year. Research analysts expect that Cleanspark, Inc. will post -1.40 earnings per share for the current year.

About Cleanspark

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.