Cleanspark (NASDAQ:CLSK) Issues Earnings Results

Cleanspark (NASDAQ:CLSK) posted its quarterly earnings results on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.09), FiscalAI reports. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The company had revenue of $223.65 million during the quarter, compared to analysts’ expectations of $227.70 million.

Cleanspark Stock Up 3.0%

CLSK traded up $0.34 during trading on Tuesday, hitting $11.82. The company’s stock had a trading volume of 44,951,953 shares, compared to its average volume of 27,152,748. The business’s 50 day simple moving average is $15.76 and its 200-day simple moving average is $12.25. The firm has a market cap of $3.52 billion, a PE ratio of 13.91 and a beta of 3.79. Cleanspark has a one year low of $6.45 and a one year high of $23.61.

Insider Activity at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Voloridge Investment Management LLC bought a new stake in Cleanspark during the 3rd quarter worth approximately $56,056,000. Dimensional Fund Advisors LP increased its stake in shares of Cleanspark by 57.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after purchasing an additional 1,564,761 shares in the last quarter. Invesco Ltd. raised its position in shares of Cleanspark by 22.1% during the 3rd quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after purchasing an additional 810,203 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Cleanspark by 54.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,781,191 shares of the company’s stock valued at $19,647,000 after buying an additional 631,662 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Cleanspark during the 3rd quarter valued at $9,125,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on CLSK. B. Riley boosted their price objective on shares of Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Needham & Company LLC boosted their price target on Cleanspark from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. HC Wainwright set a $30.00 price objective on Cleanspark and gave the company a “buy” rating in a research report on Wednesday, October 29th. Chardan Capital boosted their target price on Cleanspark from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Finally, Macquarie upped their target price on shares of Cleanspark from $20.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.02.

About Cleanspark

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.