Cleanspark (NASDAQ:CLSK) Given New $11.00 Price Target at Sanford C. Bernstein

Cleanspark (NASDAQ:CLSK) had its target price cut by investment analysts at Sanford C. Bernstein from $24.00 to $11.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein‘s price target indicates a potential upside of 61.76% from the stock’s current price.

A number of other research analysts have also recently weighed in on CLSK. BTIG Research restated a “buy” rating and issued a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. B. Riley Financial reduced their price objective on Cleanspark from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. Cantor Fitzgerald decreased their price objective on Cleanspark from $26.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Chardan Capital reissued a “buy” rating and issued a $21.00 target price on shares of Cleanspark in a research note on Monday, August 10th. Finally, Zacks Research cut shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.71.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $6.80 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. Cleanspark has a one year low of $6.66 and a one year high of $19.17. The company has a 50-day simple moving average of $11.24 and a 200-day simple moving average of $12.27. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -1.80 and a beta of 3.66.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (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 firm had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. During the same quarter last year, the firm earned $0.90 earnings per share. The company’s revenue was down 30.5% compared to the same quarter last year. On average, analysts predict that Cleanspark will post -1.40 EPS for the current year.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total value of $41,120.55. Following the completion of the sale, the chief operating officer owned 336,810 shares of the company’s stock, valued at $4,152,867.30. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Lido Advisors LLC lifted its position in Cleanspark by 21.4% in the 3rd quarter. Lido Advisors LLC now owns 48,819 shares of the company’s stock valued at $629,000 after purchasing an additional 8,607 shares during the last quarter. Fulcrum Asset Management LLP raised its stake in Cleanspark by 493.7% during the 3rd quarter. Fulcrum Asset Management LLP now owns 13,513 shares of the company’s stock valued at $180,000 after purchasing an additional 11,237 shares during the period. StoneX Group Inc. purchased a new stake in Cleanspark in the 3rd quarter worth about $124,000. Kestra Advisory Services LLC boosted its holdings in shares of Cleanspark by 30.9% during the third quarter. Kestra Advisory Services LLC now owns 23,217 shares of the company’s stock worth $299,000 after purchasing an additional 5,486 shares during the period. Finally, Compass Financial Management LLC increased its stake in shares of Cleanspark by 67.1% in the third quarter. Compass Financial Management LLC now owns 210,179 shares of the company’s stock worth $2,707,000 after acquiring an additional 84,377 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.