Cleanspark (NASDAQ:CLSK) Stock Rating Lowered by Zacks Research

Cleanspark (NASDAQ:CLSK) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday, Zacks reports.

CLSK has been the topic of a number of other reports. Needham & Company LLC boosted their target price on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. B. Riley Financial lifted their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Chardan Capital reissued a “buy” rating and issued a $21.00 price objective on shares of Cleanspark in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods boosted their target price on Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.11.

Cleanspark Stock Performance

Shares of CLSK opened at $7.88 on Thursday. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -2.09 and a beta of 3.84. Cleanspark has a 12 month low of $7.82 and a 12 month high of $20.86. The firm has a fifty day simple moving average of $11.95 and a 200 day simple moving average of $13.30. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same period in the prior year, the firm posted $0.90 EPS. Cleanspark’s revenue was down 30.5% compared to the same quarter last year. Research analysts forecast that Cleanspark will post -1.40 EPS for the current fiscal year.

Insider Transactions at Cleanspark

In other news, COO Taylor Monnig sold 3,335 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total transaction of $41,120.55. Following the completion of the sale, the chief operating officer owned 336,810 shares in the company, valued at $4,152,867.30. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 33,151 shares of company stock worth $435,473 in the last three months. Company insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

A number of large investors have recently made changes to their positions in CLSK. Guardian Partners Inc. acquired a new position in shares of Cleanspark during the 3rd quarter worth approximately $125,000. GK Wealth Management LLC acquired a new stake in shares of Cleanspark in the third quarter valued at approximately $52,000. GAMMA Investing LLC raised its position in shares of Cleanspark by 24.8% in the third quarter. GAMMA Investing LLC now owns 20,844 shares of the company’s stock valued at $268,000 after buying an additional 4,146 shares in the last quarter. CoreCap Advisors LLC raised its position in shares of Cleanspark by 54.2% in the third quarter. CoreCap Advisors LLC now owns 8,584 shares of the company’s stock valued at $111,000 after buying an additional 3,019 shares in the last quarter. Finally, Congress Asset Management Co. boosted its stake in shares of Cleanspark by 21.3% in the third quarter. Congress Asset Management Co. now owns 508,982 shares of the company’s stock valued at $6,556,000 after buying an additional 89,240 shares during the period. Institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

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.