Needham & Company LLC Initiates Coverage on CleanSpark (NASDAQ:CLSK)

Equities researchers at Needham & Company LLC initiated coverage on shares of CleanSpark (NASDAQ:CLSK) in a report released on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 87.44% from the company’s previous close.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. upgraded 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 report on Tuesday, December 10th. Keefe, Bruyette & Woods started coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark currently has an average rating of “Buy” and a consensus target price of $22.25.

CleanSpark Trading Up 1.4 %

Shares of CLSK stock opened at $10.67 on Wednesday. The stock has a 50 day moving average of $11.05 and a 200 day moving average of $11.42. The stock has a market cap of $3.00 billion, a P/E ratio of 97.01 and a beta of 4.24. CleanSpark has a twelve month low of $8.04 and a twelve month high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.81% and a net margin of 16.07%. On average, research analysts predict that CleanSpark will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of CleanSpark

A number of institutional investors have recently made changes to their positions in the company. Farringdon Capital Ltd. acquired a new stake in shares of CleanSpark in the fourth quarter worth approximately $105,000. Marshall Wace LLP boosted its stake in shares of CleanSpark by 265.8% in the fourth quarter. Marshall Wace LLP now owns 519,401 shares of the company’s stock worth $4,784,000 after acquiring an additional 377,400 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of CleanSpark in the fourth quarter worth approximately $13,443,000. Barclays PLC boosted its stake in CleanSpark by 96.2% during the fourth quarter. Barclays PLC now owns 763,801 shares of the company’s stock worth $7,034,000 after buying an additional 374,600 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in CleanSpark by 12.4% during the fourth quarter. Ameritas Investment Partners Inc. now owns 26,034 shares of the company’s stock worth $240,000 after buying an additional 2,879 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.