CleanSpark, Inc. (NASDAQ:CLSK) Given Consensus Rating of “Buy” by Brokerages

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have earned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $22.57.

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

CleanSpark Trading Up 1.4 %

Shares of CleanSpark stock opened at $10.59 on Tuesday. The company has a market cap of $2.97 billion, a P/E ratio of -18.26 and a beta of 4.26. The stock has a 50-day moving average price of $11.60 and a 200 day moving average price of $11.75. CleanSpark has a 1 year low of $7.64 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK) last released 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%. On average, equities analysts forecast that CleanSpark will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CLSK. Amalgamated Bank raised its stake in 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 purchasing an additional 1,194 shares during the last quarter. Sei Investments Co. increased its stake in CleanSpark by 7.0% during the second quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock valued at $484,000 after acquiring an additional 1,987 shares during the period. Thrivent Financial for Lutherans raised its holdings in CleanSpark by 311.5% in the 2nd 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 in the last quarter. Bank of Montreal Can grew its holdings in shares of CleanSpark by 15.4% during the 2nd quarter. Bank of Montreal Can now owns 104,074 shares of the company’s stock worth $1,731,000 after purchasing an additional 13,868 shares in the last quarter. Finally, Xponance Inc. increased its position in shares of CleanSpark by 19.1% during the second quarter. Xponance Inc. now owns 14,449 shares of the company’s stock valued at $230,000 after purchasing an additional 2,319 shares during the period. 43.12% of the stock is 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.