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

Cleanspark (NASDAQ:CLSK) had its price objective decreased by Cantor Fitzgerald from $26.00 to $19.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 103.21% from the stock’s previous close.

CLSK has been the subject of several other research reports. Citizens Jmp started coverage on shares of Cleanspark in a report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price objective for the company. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Needham & Company LLC boosted their target price on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. One investment 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

Cleanspark Stock Up 1.3%

Shares of Cleanspark stock opened at $9.35 on Friday. Cleanspark has a 1 year low of $8.00 and a 1 year high of $23.15. The stock has a fifty day moving average price of $12.37 and a 200-day moving average price of $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 released its earnings results on Thursday, August 6th. The company reported ($0.89) 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 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 company’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 earnings per share. On average, analysts anticipate that Cleanspark will post -1.40 earnings per share for the current year.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total value of $336,821.66. Following the completion of the sale, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at $3,149,760.76. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 33,151 shares of company stock worth $435,473 over the last three months. 2.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. CoreCap Advisors LLC lifted its position in shares of Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock valued at $81,000 after buying an additional 800 shares during the last quarter. CX Institutional increased its holdings in Cleanspark by 4.3% in the 3rd quarter. CX Institutional now owns 19,462 shares of the company’s stock worth $251,000 after acquiring an additional 804 shares during the last quarter. KBC Group NV increased 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 acquiring an additional 828 shares during the last quarter. Markowski Investments purchased a new stake in Cleanspark in the 2nd quarter worth about $25,000. Finally, NewEdge Advisors LLC raised its stake in Cleanspark by 53.7% in the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock valued at $76,000 after acquiring an additional 1,822 shares during the period. Hedge funds and other 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.