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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given an average recommendation of “Buy” by the seven ratings firms that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $22.57.

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

Institutional Inflows and Outflows

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

CleanSpark Trading Down 10.6 %

Shares of NASDAQ CLSK opened at $10.31 on Tuesday. The business’s 50 day moving average is $11.95 and its 200-day moving average is $12.00. The firm has a market cap of $3.02 billion, a P/E ratio of -17.78 and a beta of 4.26. CleanSpark has a 1-year low of $7.64 and a 1-year high of $24.72.

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

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.