B. Riley Financial Has Lowered Expectations for Cleanspark (NASDAQ:CLSK) Stock Price

Cleanspark (NASDAQ:CLSK) had its price target reduced by research analysts at B. Riley Financial from $26.00 to $21.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial‘s price target suggests a potential upside of 177.23% from the stock’s previous close.

CLSK has been the topic of a number of other research reports. Cantor Fitzgerald lowered their price objective on shares of Cleanspark from $26.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Canaccord Genuity Group started coverage on Cleanspark in a research report on Thursday, October 22nd. They issued a “buy” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods increased their price target on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, July 28th. HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. Finally, Needham & Company LLC boosted their price objective on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cleanspark currently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Cleanspark Stock Down 7.6%

CLSK stock opened at $7.58 on Friday. The firm’s 50-day simple moving average is $11.63 and its 200 day simple moving average is $12.37. The stock has a market cap of $1.95 billion, a PE ratio of -2.02 and a beta of 3.84. The company has a quick ratio of 5.91, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark has a fifty-two week low of $7.36 and a fifty-two week high of $19.30.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) 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 analyst estimates of $142.37 million. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was down 30.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cleanspark will post -1.40 EPS for the current year.

Insider Activity

In other news, COO Taylor Monnig sold 25,249 shares of the stock in a transaction on 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 in the company, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 33,151 shares of company stock valued at $435,473 over the last quarter. 2.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Hedge funds have recently modified their holdings of the stock. Integrity Alliance LLC. acquired a new position in shares of Cleanspark in the 3rd quarter valued at $828,000. Guardian Partners Inc. purchased a new position in Cleanspark in the 3rd quarter worth about $125,000. GK Wealth Management LLC purchased a new position in Cleanspark in the 3rd quarter worth about $52,000. GAMMA Investing LLC increased its stake in Cleanspark by 24.8% in the 3rd quarter. GAMMA Investing LLC now owns 20,844 shares of the company’s stock worth $268,000 after purchasing an additional 4,146 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings 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 buying an additional 3,019 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Company Profile

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.