Cleanspark (NASDAQ:CLSK) Given New $19.00 Price Target at Cantor Fitzgerald

Cleanspark (NASDAQ:CLSK) had its price objective dropped by equities researchers at Cantor Fitzgerald from $26.00 to $19.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 103.21% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. Citigroup started coverage on Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating for the company. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Citizens Jmp assumed coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price on the stock. Finally, BTIG Research restated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.35.

Cleanspark Stock Performance

CLSK opened at $9.35 on Friday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The company’s fifty day moving average price is $12.37 and its two-hundred day moving average price is $13.34. Cleanspark has a 1-year low of $8.00 and a 1-year high of $23.15.

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 for the quarter, compared to analyst estimates 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 in the prior year, the business earned $0.90 earnings per share. As a group, equities research analysts expect that Cleanspark will post -1.40 earnings per share for the current year.

Insider Activity

In other news, COO Taylor Monnig sold 3,335 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total value of $41,120.55. Following the completion of the sale, the chief operating officer owned 336,810 shares in the company, valued at $4,152,867.30. This represents a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 33,151 shares of company stock valued at $435,473. Corporate insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. Assenagon Asset Management S.A. bought a new stake in Cleanspark in the 2nd quarter worth about $5,521,000. Compass Financial Management LLC bought a new position in shares of Cleanspark during the 2nd quarter worth approximately $1,830,000. Situational Awareness LP lifted its position in shares of Cleanspark by 648.4% during 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 in the last quarter. Bank of America Corp DE lifted 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 worth $21,928,000 after buying an additional 849,865 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC boosted its stake in shares of Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after buying an additional 770,000 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.