Cleanspark (NASDAQ:CLSK) Stock Picked Up by Analysts at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group began coverage on shares of Cleanspark (NASDAQ:CLSK) in a research note issued to investors on Thursday, Briefing.com reports. The firm set a “buy” rating and a $20.00 price target on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 128.57% from the company’s current price.

Other analysts also recently issued reports about the company. BTIG Research reiterated a “buy” rating and set a $26.00 price target on shares of Cleanspark in a report on Tuesday, July 14th. Cantor Fitzgerald decreased their price objective on Cleanspark from $26.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Needham & Company LLC upped their price target on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Citigroup started coverage on Cleanspark in a research note on Wednesday, June 24th. They set an “outperform” rating on the stock. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cleanspark has a consensus rating of “Moderate Buy” and a consensus target price of $23.11.

Cleanspark Trading Up 3.8%

NASDAQ CLSK opened at $8.75 on Thursday. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $20.86. The firm’s fifty day moving average price is $12.10 and its two-hundred day moving average price is $13.34. 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 (NASDAQ:CLSK) last issued its quarterly earnings data 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 business 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 firm’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 EPS. As a group, sell-side analysts forecast that Cleanspark will post -1.40 earnings per share for the current year.

Insider Activity

In related news, COO Taylor Monnig sold 25,249 shares of Cleanspark 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 transaction, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at $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 is available through this link. Insiders have sold a total of 33,151 shares of company stock valued at $435,473 in the last quarter. 2.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds have recently made changes to their positions in CLSK. Assenagon Asset Management S.A. bought a new position in Cleanspark during the second quarter valued at approximately $5,521,000. Compass Financial Management LLC bought a new position in shares of Cleanspark in the 2nd quarter worth approximately $1,830,000. WINTON GROUP Ltd increased its holdings in Cleanspark by 58.2% during the second quarter. WINTON GROUP Ltd now owns 115,834 shares of the company’s stock valued at $1,685,000 after buying an additional 42,634 shares during the last quarter. Situational Awareness LP increased its holdings in Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after buying an additional 10,635,739 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after acquiring an additional 849,865 shares during the period. 43.12% of the stock is owned by hedge funds and other 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.