Cantor Fitzgerald Reiterates Overweight Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research note issued on Thursday, Benzinga reports. They presently have a $23.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 140.08% from the company’s current price.

A number of other equities research analysts also recently issued reports on CLSK. JPMorgan Chase & Co. decreased their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Macquarie initiated coverage on CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Stock Performance

CLSK stock opened at $9.58 on Thursday. CleanSpark has a 1-year low of $3.38 and a 1-year high of $24.72. The business has a fifty day moving average price of $10.76 and a 200-day moving average price of $15.00.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, equities analysts predict that CleanSpark will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Swiss National Bank boosted its stake in CleanSpark by 21.3% during the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after buying an additional 64,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after acquiring an additional 515,314 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $1,563,000. Comerica Bank acquired a new stake in shares of CleanSpark in the 1st quarter valued at about $1,894,000. Finally, SRN Advisors LLC acquired a new stake in CleanSpark during the 1st quarter worth approximately $1,405,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.