Cleanspark (NASDAQ:CLSK) Given New $11.00 Price Target at Sanford C. Bernstein

Cleanspark (NASDAQ:CLSK) had its price target trimmed by Sanford C. Bernstein from $24.00 to $11.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other analysts also recently commented on CLSK. Cantor Fitzgerald decreased their target price on shares of Cleanspark from $26.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. HC Wainwright restated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Needham & Company LLC raised their price target on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Chardan Capital reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Cleanspark in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.71.

Cleanspark Stock Down 16.6%

Shares of Cleanspark stock opened at $6.80 on Wednesday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -1.80 and a beta of 3.66. 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 has a 52-week low of $6.66 and a 52-week high of $19.17. The stock has a 50-day simple moving average of $11.24 and a 200-day simple moving average of $12.27.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. On average, equities research analysts expect that Cleanspark will post -1.40 earnings per share for the current fiscal year.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the completion of the sale, the chief operating officer directly owned 236,114 shares in the company, valued at approximately $3,149,760.76. The trade was a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 33,151 shares of company stock valued at $435,473 over the last 90 days. Company insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

Large investors have recently modified their holdings of the company. Markowski Investments bought a new stake in Cleanspark during the second quarter valued at about $25,000. GK Wealth Management LLC bought a new position in shares of Cleanspark in the third quarter worth about $52,000. Versant Capital Management Inc increased its stake in shares of Cleanspark by 229.0% in the third quarter. Versant Capital Management Inc now owns 4,939 shares of the company’s stock worth $64,000 after purchasing an additional 3,438 shares during the period. NewEdge Advisors LLC lifted its position in shares of Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after purchasing an additional 1,822 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its position in shares of Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after purchasing an additional 800 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.