Cleanspark (NASDAQ:CLSK) Stock Gets Price Target Cut from Sanford C. Bernstein

Cleanspark (NASDAQ:CLSK) had its target price decreased by Sanford C. Bernstein from $24.00 to $11.00 in a report released on Wednesday morning,Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the stock. Zacks Research cut shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Thursday, October 22nd. B. Riley Financial reduced their price target on Cleanspark from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Canaccord Genuity Group started coverage on shares of Cleanspark in a report on Thursday, October 22nd. They set a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC increased their price objective 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. Finally, Chardan Capital reaffirmed a “buy” rating and set a $21.00 price objective on shares of Cleanspark in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.71.

Cleanspark Stock Performance

NASDAQ:CLSK opened at $6.16 on Wednesday. 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 firm has a market cap of $1.58 billion, a PE ratio of -1.63 and a beta of 3.66. The business has a 50 day moving average price of $10.98 and a 200-day moving average price of $12.19. Cleanspark has a fifty-two week low of $5.53 and a fifty-two week high of $19.17.

Cleanspark (NASDAQ:CLSK) last posted its quarterly 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). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The business had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. During the same period in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was down 30.5% on a year-over-year basis. Equities research analysts predict that Cleanspark will post -1.40 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Taylor Monnig sold 25,249 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $3,149,760.76. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 33,151 shares of company stock valued at $435,473. Insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

A number of hedge funds have recently made changes to their positions in the business. CoreCap Advisors LLC raised its holdings in shares of Cleanspark by 16.8% in the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock valued at $81,000 after purchasing an additional 800 shares during the last quarter. CX Institutional raised its holdings in shares of Cleanspark by 4.3% during the third quarter. CX Institutional now owns 19,462 shares of the company’s stock valued at $251,000 after acquiring an additional 804 shares during the last quarter. KBC Group NV raised its position in Cleanspark by 10.7% in the 1st quarter. KBC Group NV now owns 8,574 shares of the company’s stock valued at $73,000 after purchasing an additional 828 shares in the last quarter. Markowski Investments purchased a new position in Cleanspark in the second quarter worth $25,000. Finally, NewEdge Advisors LLC increased its position in Cleanspark by 53.7% during the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after purchasing an additional 1,822 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

Key Cleanspark News

Here are the key news stories impacting Cleanspark this week:

• Positive Sentiment: Sanford C. Bernstein maintained its “Outperform” rating while cutting its price target to $11 from $24. The target implies substantial upside from the $5.79 price cited in the report. Bernstein rating and price target
• Positive Sentiment: A separate article raises the possibility that CLSK is materially undervalued, though it notes Texas policy risk as a challenge to that view. Texas policy risk and valuation discussion
• Neutral Sentiment: CleanSpark announced that it will participate in upcoming investor conferences. The company said webcast, replay, and presentation details will be available through its investor relations page. CleanSpark announces investor events
• Negative Sentiment: Keefe, Bruyette & Woods downgraded CLSK to “Market Perform,” a likely source of selling pressure. KBW downgrade
• Negative Sentiment: Coverage also points to Texas policy uncertainty as a risk for the company and reports that shares recently fell to a 52-week low. Recent share decline and analyst outlook

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.