Cleanspark (NASDAQ:CLSK) Raised to Strong-Buy at B. Riley

Cleanspark (NASDAQ:CLSK) was upgraded by analysts at B. Riley to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Cleanspark in a research note on Wednesday, June 25th. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, JPMorgan Chase & Co. increased their target price on Cleanspark from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, June 13th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $20.38.

Cleanspark Trading Up 0.5%

Shares of Cleanspark stock opened at $11.08 on Monday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $20.49. The company has a market capitalization of $3.11 billion, a PE ratio of -11.54 and a beta of 4.24. The stock’s fifty day simple moving average is $9.38 and its 200 day simple moving average is $9.32.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. During the same period in the prior year, the business earned $0.59 EPS. The company’s revenue for the quarter was up 62.5% compared to the same quarter last year. Analysts predict that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director owned 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new position in shares of Cleanspark in the fourth quarter valued at $338,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Cleanspark by 68.6% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company’s stock valued at $2,595,000 after buying an additional 114,674 shares in the last quarter. Quadrant Capital Group LLC bought a new stake in Cleanspark during the fourth quarter worth $734,000. Algert Global LLC lifted its position in shares of Cleanspark by 284.1% during the 4th quarter. Algert Global LLC now owns 198,862 shares of the company’s stock worth $1,832,000 after buying an additional 147,086 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Cleanspark by 27.7% in the 4th quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company’s stock valued at $2,684,000 after purchasing an additional 63,123 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

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.