Cleanspark (NASDAQ:CLSK) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Cleanspark (NASDAQ:CLSK) in a research report report published on Thursday morning, Marketbeat.com reports. The firm issued a buy rating and a $20.00 target price on the stock.

Several other research firms have also issued reports on CLSK. Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. B. Riley Financial lifted their target price on shares of Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Needham & Company LLC boosted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Citigroup initiated coverage on Cleanspark in a research note on Wednesday, June 24th. They issued an “outperform” rating on the stock. Finally, Chardan Capital reissued a “buy” rating and set a $21.00 price target on shares of Cleanspark in a research report on Monday, August 10th. One investment 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.11.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $7.88 on Thursday. Cleanspark has a 12 month low of $7.82 and a 12 month high of $20.86. The company has a 50 day moving average of $11.95 and a 200 day moving average of $13.30. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. The stock has a market cap of $2.02 billion, a P/E ratio of -2.09 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last announced its 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). The business had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. Cleanspark’s revenue was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, sell-side analysts forecast that Cleanspark will post -1.40 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of Cleanspark 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 transaction, the chief operating officer 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. Over the last three months, insiders sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. Dimensional Fund Advisors LP boosted its stake in shares of Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after buying an additional 6,323,715 shares during the last quarter. Situational Awareness LP boosted its holdings in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after buying an additional 10,635,739 shares during the period. Bank of America Corp DE boosted its stake in shares of Cleanspark by 49.2% in the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after acquiring an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC grew its holdings in Cleanspark by 617.3% during the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock valued at $7,614,000 after buying an additional 770,000 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in Cleanspark by 214.8% during the second quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock valued at $7,457,000 after acquiring an additional 349,658 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

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.