Cleanspark (NASDAQ:CLSK) Issues Earnings Results, Misses Expectations By $0.09 EPS

by · The Markets Daily

Cleanspark (NASDAQ:CLSK – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.09), FiscalAI reports. The business had revenue of $223.65 million during the quarter, compared to analysts’ expectations of $227.70 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%.

Cleanspark Stock Up 3.0%

Shares of Cleanspark stock traded up $0.34 on Tuesday, hitting $11.82. The company’s stock had a trading volume of 43,487,491 shares, compared to its average volume of 27,152,748. The company has a market capitalization of $3.52 billion, a P/E ratio of 13.91 and a beta of 3.79. Cleanspark has a 52-week low of $6.45 and a 52-week high of $23.61. The firm has a fifty day moving average price of $15.76 and a 200-day moving average price of $12.25.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLSK. Cantor Fitzgerald reduced their price target on Cleanspark from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. HC Wainwright set a $30.00 target price on Cleanspark and gave the company a “buy” rating in a report on Wednesday, October 29th. BTIG Research upped their price target on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Monday. Finally, Wall Street Zen raised shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.02.

Get Our Latest Research Report on CLSK

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction dated 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 in the company, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CLSK. Quarry LP purchased a new stake in Cleanspark in the 3rd quarter valued at approximately $26,000. Morse Asset Management Inc purchased a new stake in shares of Cleanspark in the third quarter valued at $32,000. Strs Ohio purchased a new stake in shares of Cleanspark in the first quarter valued at $38,000. CIBC Private Wealth Group LLC boosted its stake in shares of Cleanspark by 5,081.0% during the third quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after acquiring an additional 2,947 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Cleanspark by 2,019.6% during the 3rd quarter. Parallel Advisors LLC now owns 3,900 shares of the company’s stock worth $57,000 after purchasing an additional 3,716 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Company Profile

(Get Free Report)

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.

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