Cleanspark (NASDAQ:CLSK) Price Target Raised to $24.00

Cleanspark (NASDAQ:CLSK) had its target price upped by Sanford C. Bernstein from $20.00 to $24.00 in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on CLSK. Macquarie increased their price target on Cleanspark from $20.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Needham & Company LLC increased their price target on Cleanspark from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Chardan Capital increased their price target on Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 13th. B. Riley increased their price target on Cleanspark from $17.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.02.

Cleanspark Trading Up 2.2%

CLSK opened at $16.58 on Monday. The stock’s 50-day moving average price is $15.09 and its 200 day moving average price is $11.88. Cleanspark has a 12-month low of $6.45 and a 12-month high of $23.61. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 19.51 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last posted its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. During the same quarter in the prior year, the company earned ($1.03) EPS. Cleanspark’s revenue 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 Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its holdings in shares of Cleanspark by 38.9% in the third quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock worth $40,000 after acquiring an additional 745 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock worth $187,000 after acquiring an additional 932 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Cleanspark by 1.4% in the third quarter. Arizona State Retirement System now owns 83,134 shares of the company’s stock worth $1,205,000 after acquiring an additional 1,183 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in shares of Cleanspark by 1.7% in the third quarter. Vontobel Holding Ltd. now owns 72,191 shares of the company’s stock worth $1,047,000 after acquiring an additional 1,236 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.