Sanford C. Bernstein Issues Positive Forecast for Cleanspark (NASDAQ:CLSK) Stock Price

Cleanspark (NASDAQ:CLSK) had its target price upped by research analysts at Sanford C. Bernstein from $20.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target points to a potential upside of 34.83% from the company’s previous close.

Several other brokerages also recently weighed in on CLSK. Chardan Capital raised their price target on Cleanspark from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a research report on Monday, July 28th. They set a “buy” rating and a $20.25 target price on the stock. Macquarie raised their price target on shares of Cleanspark from $20.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, Needham & Company LLC lifted their price objective on shares of Cleanspark from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, October 10th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cleanspark has a consensus rating of “Moderate Buy” and an average price target of $24.11.

Cleanspark Trading Up 0.6%

Shares of CLSK stock opened at $17.80 on Monday. Cleanspark has a 12-month low of $6.45 and a 12-month high of $23.61. The business’s fifty day simple moving average is $14.66 and its 200-day simple moving average is $11.72. The company has a market cap of $5.30 billion, a PE ratio of 20.94 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million during the quarter, compared to analysts’ expectations of $191.33 million. During the same quarter last year, the firm earned ($1.03) EPS. The business’s quarterly revenue was up 90.8% on a year-over-year basis. On average, equities analysts forecast that Cleanspark will post 0.58 earnings per share for the current year.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Cleanspark

A number of institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC grew its holdings in Cleanspark by 14.4% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 23,778 shares of the company’s stock worth $345,000 after acquiring an additional 2,999 shares during the period. Strs Ohio boosted its position in Cleanspark by 121.4% in the 3rd quarter. Strs Ohio now owns 12,400 shares of the company’s stock worth $180,000 after purchasing an additional 6,800 shares in the last quarter. AM Investment Strategies LLC acquired a new stake in shares of Cleanspark during the 3rd quarter worth approximately $774,000. McAdam LLC purchased a new position in shares of Cleanspark during the 3rd quarter valued at approximately $273,000. Finally, Amalgamated Bank lifted its stake in shares of Cleanspark by 3.4% in the 3rd quarter. Amalgamated Bank now owns 81,780 shares of the company’s stock valued at $1,186,000 after purchasing an additional 2,656 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

About Cleanspark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.