Cleanspark (NASDAQ:CLSK) Stock Gets Downgrade from Keefe, Bruyette & Woods

Cleanspark (NASDAQ:CLSK) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $9.50 price objective on the stock. Keefe, Bruyette & Woods‘s price target indicates a potential upside of 16.56% from the stock’s previous close.

CLSK has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Zacks Research cut shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. Needham & Company LLC boosted their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. B. Riley Financial reduced their price objective on Cleanspark from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Finally, Chardan Capital restated a “buy” rating and issued a $21.00 price objective on shares of Cleanspark in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.46.

Cleanspark Trading Up 14.0%

NASDAQ CLSK opened at $8.15 on Wednesday. The company has a 50-day moving average price of $11.36 and a 200-day moving average price of $12.30. Cleanspark has a 52 week low of $7.06 and a 52 week high of $19.17. 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 posted 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 analysts’ expectations 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 quarterly revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 EPS. As a group, analysts predict that Cleanspark will post -1.40 EPS for the current year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total transaction of $41,120.55. Following the sale, the chief operating officer owned 336,810 shares in the company, valued at approximately $4,152,867.30. This trade represents a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in shares of Cleanspark during the 2nd quarter valued at $5,521,000. WINTON GROUP Ltd lifted its stake in shares of Cleanspark by 58.2% during the 2nd 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 in the last quarter. Compass Financial Management LLC bought a new position in Cleanspark in the 2nd quarter worth $1,830,000. Situational Awareness LP boosted its holdings in Cleanspark by 648.4% in 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 during the period. Finally, Bank of America Corp DE boosted its holdings in Cleanspark by 49.2% in 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 during the period. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Company Profile

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.