Cantor Fitzgerald Reaffirms Overweight Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a note issued to investors on Thursday, Benzinga reports. They presently have a $23.00 price objective on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 167.44% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Finally, Macquarie assumed coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.11.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded down $0.19 during midday trading on Thursday, hitting $8.60. The company’s stock had a trading volume of 7,005,487 shares, compared to its average volume of 30,049,648. The stock has a fifty day moving average price of $11.06 and a 200 day moving average price of $15.10. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The business had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. Sell-side analysts predict that CleanSpark will post -0.06 earnings per share for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 26,272 shares of company stock valued at $256,874 in the last quarter. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently made changes to their positions in the business. Swiss National Bank boosted its holdings in shares of CleanSpark by 21.3% during the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after purchasing an additional 64,000 shares during the period. Vanguard Group Inc. boosted its holdings in CleanSpark by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after acquiring an additional 515,314 shares in the last quarter. Granite Bay Wealth Management LLC bought a new position in CleanSpark in the second quarter worth about $1,563,000. Comerica Bank bought a new stake in shares of CleanSpark during the first quarter valued at approximately $1,894,000. Finally, SRN Advisors LLC purchased a new stake in CleanSpark in the first quarter worth $1,405,000. Hedge funds and other 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.