Analysts Set CleanSpark, Inc. (NASDAQ:CLSK) Price Target at $20.13

CleanSpark, Inc. (NASDAQ:CLSK) has earned an average rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $20.13.

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald boosted their price objective on CleanSpark from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. BTIG Research boosted their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, June 28th. JPMorgan Chase & Co. reduced their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. Finally, Chardan Capital reiterated a “buy” rating and set a $26.00 price objective on shares of CleanSpark in a research report on Monday, May 13th.

CleanSpark Stock Performance

Shares of CLSK stock opened at $15.85 on Friday. The business has a 50 day moving average of $16.76 and a two-hundred day moving average of $15.40. CleanSpark has a 52 week low of $3.38 and a 52 week high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $111.80 million during the quarter, compared to the consensus estimate of $111.11 million. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. On average, research analysts forecast that CleanSpark will post -0.09 EPS for the current year.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. Vanguard Group Inc. raised its holdings in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after buying an additional 3,235,171 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of CleanSpark by 119.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after buying an additional 957,372 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in shares of CleanSpark in the first quarter valued at $3,818,000. Finally, SG Americas Securities LLC increased its holdings in shares of CleanSpark by 178.4% in the second quarter. SG Americas Securities LLC now owns 265,084 shares of the company’s stock valued at $4,228,000 after buying an additional 169,861 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

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.