Cleanspark (NASDAQ:CLSK) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Cleanspark (NASDAQ:CLSK) from a hold rating to a strong sell rating in a report issued on Thursday,Zacks reports.

CLSK has been the topic of a number of other reports. Weiss Ratings upgraded Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. B. Riley Financial upped their price target on Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Needham & Company LLC increased their price target on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Cantor Fitzgerald lowered their price target on Cleanspark from $26.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Finally, Keefe, Bruyette & Woods raised their price objective on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Cleanspark presently has an average rating of “Moderate Buy” and a consensus price target of $23.11.

Cleanspark Stock Down 3.3%

CLSK stock opened at $7.88 on Thursday. Cleanspark has a one year low of $7.82 and a one year high of $20.86. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The firm’s fifty day moving average is $11.95 and its 200 day moving average is $13.30. The firm has a market cap of $2.02 billion, a PE ratio of -2.09 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share 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 firm had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same quarter last year, the company posted $0.90 EPS. The company’s revenue was down 30.5% on a year-over-year basis. On average, research analysts forecast that Cleanspark will post -1.40 EPS for the current year.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66. Following the transaction, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at $3,149,760.76. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 33,151 shares of company stock worth $435,473 over the last quarter. Company insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. acquired a new position in shares of Cleanspark during the second quarter valued at approximately $5,521,000. Compass Financial Management LLC purchased a new position in shares of Cleanspark in the second quarter valued at approximately $1,830,000. WINTON GROUP Ltd boosted its stake in shares of Cleanspark by 58.2% in the second quarter. WINTON GROUP Ltd now owns 115,834 shares of the company’s stock worth $1,685,000 after acquiring an additional 42,634 shares during the last quarter. Situational Awareness LP boosted its stake in shares of Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after acquiring an additional 10,635,739 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Cleanspark by 49.2% in the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after acquiring an additional 849,865 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.