Cleanspark, Inc. (NASDAQ:CLSK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Cleanspark, Inc. (NASDAQ:CLSK) has been given a consensus recommendation of “Moderate Buy” by the sixteen analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $23.88.

A number of brokerages have issued reports on CLSK. HC Wainwright restated a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. BTIG Research reissued a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a report on Tuesday, July 14th. Keefe, Bruyette & Woods upped their target price on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $26.00 target price on shares of Cleanspark in a research note on Friday, August 7th. Finally, Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th.

Insider Activity

In related news, COO Taylor Monnig sold 25,249 shares of Cleanspark stock in a transaction dated 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 of the company’s stock, 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 document filed with the SEC, which is available through this hyperlink. Insiders sold 29,816 shares of company stock valued at $394,352 in the last three months. Company insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC purchased a new position in Cleanspark during the 2nd quarter worth approximately $188,000. WINTON GROUP Ltd lifted its stake in Cleanspark by 58.2% during the 2nd quarter. WINTON GROUP Ltd now owns 115,834 shares of the company’s stock valued at $1,685,000 after acquiring an additional 42,634 shares during the period. Engineers Gate Manager LP boosted its holdings in shares of Cleanspark by 111.2% in the 2nd quarter. Engineers Gate Manager LP now owns 40,697 shares of the company’s stock valued at $592,000 after acquiring an additional 21,426 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Cleanspark in the 2nd quarter valued at $179,000. Finally, NewEdge Advisors LLC increased its stake in shares of Cleanspark by 53.7% in the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after acquiring an additional 1,822 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Price Performance

Shares of CLSK stock opened at $14.26 on Friday. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -3.78 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91. The stock’s 50-day simple moving average is $13.09 and its 200-day simple moving average is $13.13.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The company had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, equities analysts forecast that Cleanspark will post -1.4 earnings per share 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.