Cleanspark (NASDAQ:CLSK) Stock Price Target Lowered at B. Riley Financial

Cleanspark (NASDAQ:CLSK) had its target price trimmed by B. Riley Financial from $26.00 to $21.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on CLSK. Canaccord Genuity Group assumed coverage on Cleanspark in a research report on Thursday, October 22nd. They set a “buy” rating and a $20.00 price objective for the company. Weiss Ratings upgraded Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Chardan Capital reissued a “buy” rating and set a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

Cleanspark Price Performance

NASDAQ CLSK opened at $7.67 on Friday. Cleanspark has a twelve month low of $7.29 and a twelve month high of $19.30. The stock has a fifty day simple moving average of $11.53 and a 200 day simple moving average of $12.35. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last announced its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The company had revenue of $138.01 million for 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 firm’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. As a group, analysts predict that Cleanspark will post -1.40 earnings per share 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 that occurred on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total value of $41,120.55. Following the transaction, the chief operating officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 33,151 shares of company stock worth $435,473 over the last ninety days. Company insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in Cleanspark by 81.3% during the first 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 grew its holdings in shares of 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. Bank of America Corp DE grew its holdings in shares of Cleanspark by 49.2% during the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after buying an additional 849,865 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in shares of Cleanspark by 617.3% during the first 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 during the last quarter. Finally, Headlands Technologies LLC grew its holdings in shares of 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 buying an additional 349,658 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.