CleanSpark (NASDAQ:CLSK) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of CleanSpark (NASDAQ:CLSK) in a report published on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $20.00 price objective on the stock.

Several other equities research analysts also recently weighed in on CLSK. Macquarie raised their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark presently has an average rating of “Buy” and an average target price of $22.25.

CleanSpark Stock Up 2.3 %

NASDAQ CLSK opened at $10.52 on Wednesday. CleanSpark has a 52 week low of $8.04 and a 52 week high of $24.72. The company has a 50 day moving average price of $11.05 and a 200 day moving average price of $11.42. The firm has a market cap of $2.95 billion, a PE ratio of 95.65 and a beta of 4.24.

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

Institutional Trading of CleanSpark

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new stake in CleanSpark in the fourth quarter valued at $39,940,000. Van ECK Associates Corp lifted its holdings in shares of CleanSpark by 40.0% in the 4th quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock valued at $20,513,000 after buying an additional 636,511 shares during the period. Geode Capital Management LLC boosted its stake in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the last quarter. Vanguard Group Inc. grew its holdings in CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after acquiring an additional 495,367 shares during the period. Finally, ExodusPoint Capital Management LP purchased a new position in CleanSpark during the fourth quarter valued at approximately $4,543,000. Institutional investors and hedge funds 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.