CleanSpark (NASDAQ:CLSK) Coverage Initiated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods started coverage on shares of CleanSpark (NASDAQ:CLSK) in a research report released on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $19.00 target price on the stock.

A number of other analysts have also weighed in on the stock. Macquarie increased their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Tuesday, December 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.57.

CleanSpark Price Performance

Shares of CLSK stock opened at $10.26 on Monday. The business has a fifty day moving average of $11.73 and a 200 day moving average of $11.92. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of -17.69 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 issued its earnings results on Monday, December 2nd. The company reported ($0.27) 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%. As a group, equities research analysts expect that CleanSpark will post 0.18 earnings per share for the current year.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently modified their holdings of CLSK. Assenagon Asset Management S.A. acquired a new stake in CleanSpark in the fourth quarter valued at approximately $39,940,000. Van ECK Associates Corp raised its stake in shares of CleanSpark by 40.0% during the 4th quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock worth $20,513,000 after buying an additional 636,511 shares during the period. Geode Capital Management LLC lifted its position in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after buying an additional 549,187 shares in the last quarter. Millennium Management LLC grew its stake in CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares during the period. Finally, Barclays PLC increased its holdings in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after acquiring an additional 305,316 shares in the last quarter. Hedge funds and other institutional investors 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.