Cleanspark, Inc. (NASDAQ:CLSK) Stock Has Average Price Target of $23.88 According to Analysts

Shares of Cleanspark, Inc. (NASDAQ:CLSK) have earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $23.35.

Several brokerages recently commented on CLSK. Weiss Ratings raised shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods boosted their target price on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Citizens Jmp started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Finally, Citigroup initiated coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set an “outperform” rating on the stock.

Cleanspark Trading Down 10.2%

Shares of NASDAQ:CLSK opened at $8.40 on Thursday. The business’s 50-day moving average is $12.29 and its 200 day moving average is $13.30. Cleanspark has a 1 year low of $8.00 and a 1 year high of $22.69. The firm has a market capitalization of $2.16 billion, a P/E ratio of -2.23 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results 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 business had revenue of $138.01 million for the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter in the previous year, the firm posted $0.90 EPS. Cleanspark’s revenue was down 30.5% on a year-over-year basis. On average, research analysts predict that Cleanspark will post -1.40 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 3,335 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total value of $41,120.55. Following the transaction, the chief operating officer directly owned 336,810 shares of the company’s stock, valued at $4,152,867.30. This represents a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 33,151 shares of company stock worth $435,473 over the last 90 days. 2.08% of the stock is owned by insiders.

Institutional Trading of Cleanspark

Several large investors have recently added to or reduced their stakes in the company. GK Wealth Management LLC acquired a new position in Cleanspark during the third quarter valued at $52,000. GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 4,146 shares during the last quarter. CoreCap Advisors LLC grew its position in Cleanspark by 54.2% during the 3rd quarter. CoreCap Advisors LLC now owns 8,584 shares of the company’s stock worth $111,000 after purchasing an additional 3,019 shares during the period. Congress Asset Management Co. grew its position in Cleanspark by 21.3% during the 3rd quarter. Congress Asset Management Co. now owns 508,982 shares of the company’s stock worth $6,556,000 after purchasing an additional 89,240 shares during the period. Finally, CX Institutional grew its position in Cleanspark by 4.3% during the 3rd quarter. CX Institutional now owns 19,462 shares of the company’s stock worth $251,000 after purchasing an additional 804 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.