CleanSpark (NASDAQ:CLSK) Coverage Initiated by Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods started coverage on shares of CleanSpark (NASDAQ:CLSK) in a research note released on Monday, Marketbeat reports. The brokerage issued an outperform rating and a $19.00 price target on the stock.

Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Macquarie boosted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $22.57.

CleanSpark Price Performance

CLSK opened at $10.31 on Monday. The firm has a market capitalization of $3.02 billion, a P/E ratio of -17.78 and a beta of 4.26. CleanSpark has a fifty-two week low of $7.64 and a fifty-two week high of $24.72. The company’s 50-day moving average is $11.95 and its 200 day moving average is $12.00.

CleanSpark (NASDAQ:CLSK) last posted its earnings results 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 return on equity of 2.36% and a negative net margin of 38.47%. On average, equities research analysts expect that CleanSpark will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently made changes to their positions in CLSK. Amalgamated Bank lifted its holdings in shares of CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after acquiring an additional 1,194 shares during the last quarter. Sei Investments Co. raised its holdings in CleanSpark by 7.0% during the 2nd quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock valued at $484,000 after buying an additional 1,987 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in CleanSpark by 311.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 86,718 shares of the company’s stock valued at $1,383,000 after buying an additional 65,644 shares during the period. Bank of Montreal Can grew its holdings in CleanSpark by 15.4% in the 2nd quarter. Bank of Montreal Can now owns 104,074 shares of the company’s stock worth $1,731,000 after acquiring an additional 13,868 shares during the last quarter. Finally, Xponance Inc. increased its position in shares of CleanSpark by 19.1% in the second quarter. Xponance Inc. now owns 14,449 shares of the company’s stock valued at $230,000 after acquiring an additional 2,319 shares during the period. 43.12% of the stock is currently owned by institutional investors.

About CleanSpark

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.