Sanford C. Bernstein Raises Cleanspark (NASDAQ:CLSK) Price Target to $24.00

Cleanspark (NASDAQ:CLSK) had its price target raised by equities researchers at Sanford C. Bernstein from $20.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target would indicate a potential upside of 34.83% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Chardan Capital increased their price target on shares of Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, October 13th. HC Wainwright set a $30.00 price target on shares of Cleanspark and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $14.00 price objective (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cleanspark has an average rating of “Moderate Buy” and an average price target of $24.11.

Cleanspark Trading Up 0.6%

Shares of NASDAQ CLSK opened at $17.80 on Monday. The company has a 50-day moving average of $14.66 and a 200 day moving average of $11.72. Cleanspark has a 12-month low of $6.45 and a 12-month high of $23.61. The stock has a market cap of $5.30 billion, a PE ratio of 20.94 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm’s revenue was up 90.8% compared to the same quarter last year. During the same quarter last year, the business posted ($1.03) earnings per share. On average, sell-side analysts forecast that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at Cleanspark

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

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. GAMMA Investing LLC raised its stake in shares of Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after acquiring an additional 932 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Cleanspark by 1.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 72,191 shares of the company’s stock worth $1,047,000 after purchasing an additional 1,236 shares in the last quarter. Cresset Asset Management LLC increased its holdings in Cleanspark by 4.9% during the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock worth $297,000 after purchasing an additional 1,248 shares during the period. Fifth Third Bancorp raised its position in Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Cleanspark by 15.1% in the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company’s stock valued at $94,000 after buying an additional 1,834 shares during the period. Hedge funds and other institutional investors 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.