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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been assigned a consensus rating of “Buy” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have issued a report on the stock in the last year is $22.57.

A number of research firms have weighed in on CLSK. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. Macquarie boosted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, January 28th.

Hedge Funds Weigh In On CleanSpark

Large investors have recently added to or reduced their stakes in the business. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark during the fourth quarter valued at about $31,000. GAMMA Investing LLC boosted its stake in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the last quarter. Hollencrest Capital Management lifted its position in shares of CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV lifted its holdings in CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

CleanSpark Price Performance

Shares of CLSK opened at $10.59 on Tuesday. CleanSpark has a 1-year low of $7.64 and a 1-year high of $24.72. The firm has a 50-day simple moving average of $11.60 and a two-hundred day simple moving average of $11.75. The stock has a market cap of $2.97 billion, a PE ratio of -18.26 and a beta of 4.26.

CleanSpark (NASDAQ:CLSK) last released its earnings results 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 return on equity of 2.36% and a negative net margin of 38.47%. As a group, sell-side analysts expect that CleanSpark will post 0.18 earnings per share for the current fiscal 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.