CleanSpark, Inc. (NASDAQ:CLSK) Receives Average Rating of “Buy” from Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has been given an average rating of “Buy” by the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $22.57.

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday. They set an “outperform” rating and a $19.00 price objective on the stock. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Macquarie lifted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in CleanSpark in the fourth quarter valued at approximately $39,940,000. Van ECK Associates Corp grew its position in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after acquiring an additional 620,792 shares during the period. Geode Capital Management LLC increased its stake in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after purchasing an additional 549,187 shares during the last quarter. Millennium Management LLC raised its holdings in shares of CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares during the period. Finally, Barclays PLC lifted its stake in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

CleanSpark Price Performance

CLSK opened at $10.31 on Tuesday. The company has a market capitalization of $3.02 billion, a P/E ratio of -17.78 and a beta of 4.26. The firm’s fifty day moving average price is $11.95 and its two-hundred day moving average price is $12.00. CleanSpark has a fifty-two week low of $7.64 and a fifty-two week high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Monday, December 2nd. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. On average, equities research analysts expect that CleanSpark will post 0.18 EPS for the current fiscal year.

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.