CleanSpark (NASDAQ:CLSK) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

CleanSpark (NASDAQ:CLSK) posted its earnings results on Thursday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04, Zacks reports. CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%.

CleanSpark Price Performance

CleanSpark stock traded up $0.07 during midday trading on Thursday, hitting $10.38. 23,234,354 shares of the stock were exchanged, compared to its average volume of 23,133,492. The company has a 50 day moving average price of $11.40 and a two-hundred day moving average price of $11.64. The firm has a market cap of $2.91 billion, a P/E ratio of -17.90 and a beta of 4.25. CleanSpark has a 1 year low of $8.04 and a 1 year high of $24.72.

Analyst Ratings Changes

Several equities research analysts have issued reports on CLSK shares. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. 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. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.57.

CleanSpark Company Profile

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.