Shares of Cleanspark, Inc. (NASDAQ:CLSK – Get Free Report) traded up 7.2% on Friday . The company traded as high as $14.23 and last traded at $14.3120. Approximately 14,135,475 shares traded hands during trading, a decline of 38% from the average daily volume of 22,779,098 shares. The stock had previously closed at $13.35.
Key Headlines Impacting Cleanspark
Here are the key news stories impacting Cleanspark this week:
- Positive Sentiment: Meta identified as Georgia data-center tenant: CleanSpark disclosed that Meta is the tenant for its Sandersville, Georgia, AI data-center campus. The announcement provides potential customer validation and suggests a path toward diversifying beyond Bitcoin mining into higher-growth data-center services. CleanSpark Reveals Meta as Georgia Data Center Tenant
- Positive Sentiment: $2.227 billion financing plan: CleanSpark’s wholly owned subsidiary, CSDC Finance I, plans to offer $2.227 billion of senior secured notes due in 2031 through a private placement. Proceeds are expected to fund the buildout of the Georgia data-center campus, accelerating the company’s AI infrastructure strategy. The offering remains subject to market conditions and other factors. CleanSpark Announces Proposed Offering of Senior Secured Notes
- Positive Sentiment: Favorable cryptocurrency-miner sentiment: Shares of Bitcoin-mining companies, including CleanSpark, were outperforming Bitcoin during the reported session. This broader sector momentum likely added support to CLSK alongside the data-center announcements. CleanSpark Climbs as Bitcoin Miners Outrun Bitcoin
- Negative Sentiment: Significant financing and execution risk: The planned notes would add substantial secured debt, increasing leverage and future interest obligations. Investors will also assess the final pricing and terms, construction costs, timing, and whether the Meta-related campus generates the expected returns.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on CLSK shares. Needham & Company LLC boosted their price target on Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Cantor Fitzgerald restated an “overweight” rating and set a $26.00 price target on shares of Cleanspark in a report on Friday, August 7th. B. Riley Financial upped their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Citigroup began coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They set an “outperform” rating on the stock. Finally, Chardan Capital restated a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report 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 one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.88.
Cleanspark Stock Up 7.9%
The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -3.79 and a beta of 3.84. The firm has a 50 day simple moving average of $12.94 and a 200-day simple moving average of $12.97. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11.
Cleanspark (NASDAQ:CLSK – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $142.37 million. During the same period in the previous year, the firm earned $0.90 earnings per share. The firm’s revenue was down 30.5% compared to the same quarter last year. On average, sell-side analysts forecast that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.
Insider Activity
In other news, COO Taylor Monnig sold 25,249 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66. Following the sale, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at $3,149,760.76. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 29,816 shares of company stock worth $394,352 in the last quarter. 2.08% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Cleanspark
Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. acquired a new position in Cleanspark in the second quarter valued at approximately $5,521,000. Bank of America Corp DE raised 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 valued at $21,928,000 after acquiring an additional 849,865 shares during the last quarter. Situational Awareness LP raised 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 valued at $104,470,000 after acquiring an additional 10,635,739 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted 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 valued at $7,614,000 after purchasing an additional 770,000 shares during the period. Finally, Virtu Financial LLC boosted its position in shares of Cleanspark by 59.8% in the 4th quarter. Virtu Financial LLC now owns 175,903 shares of the company’s stock worth $1,780,000 after purchasing an additional 65,857 shares during the last quarter. 43.12% of the stock is owned by institutional investors.
Cleanspark Company Profile
CleanSpark, Inc (NASDAQ: CLSK) is a bitcoin mining and energy technology company headquartered in Henderson, Nevada. The company owns and operates data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.
CleanSpark focuses on developing and expanding mining infrastructure, with operations in the United States, including facilities in Georgia, Mississippi, Tennessee and Wyoming. Its activities include acquiring and deploying mining equipment, managing data-center operations and securing reliable, cost-effective power for its facilities.
The company historically developed software and energy-management solutions before shifting its primary focus toward bitcoin mining.
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