Cleanspark (NASDAQ:CLSK) Stock Gets Price Target Reduction from Cantor Fitzgerald

Cleanspark (NASDAQ:CLSK) had its price objective reduced by Cantor Fitzgerald from $26.00 to $19.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also weighed in on CLSK. Citigroup started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set an “outperform” rating for the company. Chardan Capital reiterated a “buy” rating and issued a $21.00 target price on shares of Cleanspark in a research note on Monday, August 10th. Needham & Company LLC increased 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. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cleanspark currently has an average rating of “Moderate Buy” and an average price target of $23.35.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $8.40 on Friday. Cleanspark has a 1-year low of $8.00 and a 1-year high of $22.69. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91. The business has a fifty day moving average price of $12.29 and a 200-day moving average price of $13.34. The company has a market capitalization of $2.16 billion, a PE ratio of -2.23 and a beta of 3.84.

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). The firm 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%. The business’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, equities analysts expect that Cleanspark will post -1.40 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $12.33, for a total value of $41,120.55. Following the completion of the transaction, the chief operating officer owned 336,810 shares of the company’s stock, valued at approximately $4,152,867.30. The trade was a 0.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 33,151 shares of company stock valued at $435,473. 2.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Markowski Investments purchased a new stake in shares of Cleanspark during the second quarter worth about $25,000. GK Wealth Management LLC bought a new stake in Cleanspark during the 3rd quarter valued at approximately $52,000. Versant Capital Management Inc lifted its holdings in Cleanspark by 229.0% in the 3rd 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 in the last quarter. KBC Group NV lifted its holdings in Cleanspark by 10.7% in the 1st quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Cleanspark by 53.7% in 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 in the last quarter. Institutional investors own 43.12% of the company’s stock.

About Cleanspark

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.