Cleanspark, Inc. (NASDAQ:CLSK) Receives $23.88 Consensus Price Target from Analysts

Cleanspark, Inc. (NASDAQ:CLSK) has been given a consensus rating of “Moderate Buy” by the sixteen research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $23.8846.

A number of brokerages have commented on CLSK. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, July 28th. BTIG Research restated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, July 14th. Weiss Ratings raised Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a report on Friday, August 7th.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the sale, the chief operating officer owned 236,114 shares in the company, valued at $3,149,760.76. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 29,816 shares of company stock worth $394,352 in the last ninety days. Insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Markowski Investments bought a new position in shares of Cleanspark in the 2nd quarter valued at about $25,000. Hantz Financial Services Inc. grew its position in shares of Cleanspark by 174.8% during the 4th quarter. Hantz Financial Services Inc. now owns 4,804 shares of the company’s stock worth $49,000 after buying an additional 3,056 shares during the period. KBC Group NV raised its stake 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 during the last quarter. NewEdge Advisors LLC raised its stake 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 during the last quarter. Finally, CoreCap Advisors LLC raised its stake in shares of Cleanspark by 16.8% during the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after buying an additional 800 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Performance

NASDAQ:CLSK opened at $15.14 on Friday. The stock has a market capitalization of $3.89 billion, a P/E ratio of -4.02 and a beta of 3.84. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34. Cleanspark has a 1 year low of $8.00 and a 1 year high of $23.61. The firm has a 50 day moving average of $13.06 and a 200-day moving average of $13.06.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The business had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. During the same quarter last year, the company earned $0.90 earnings per share. The firm’s revenue was down 30.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cleanspark will post -1.4 EPS for the current fiscal year.

About Cleanspark

CleanSpark, Inc (NASDAQ: CLSK) is a bitcoin mining and energy technology company headquartered in Henderson, Nevada. The company owns and operates data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

CleanSpark focuses on developing and expanding mining infrastructure, with operations in the United States, including facilities in Georgia, Mississippi, Tennessee and Wyoming. Its activities include acquiring and deploying mining equipment, managing data-center operations and securing reliable, cost-effective power for its facilities.

The company historically developed software and energy-management solutions before shifting its primary focus toward bitcoin mining.