CleanSpark, Inc. (NASDAQ:CLSK) Receives $23.17 Consensus Target Price from Brokerages

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) have been assigned an average rating of "Buy" from the six brokerages that are presently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have covered the stock in the last year is $23.17.

A number of analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright reissued a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, Macquarie lifted their price target on CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. Geode Capital Management LLC lifted its holdings in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company's stock worth $57,577,000 after acquiring an additional 549,187 shares during the period. State Street Corp raised its stake in shares of CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company's stock worth $56,730,000 after purchasing an additional 261,195 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock worth $20,500,000 after buying an additional 208,862 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after buying an additional 620,792 shares during the last quarter. Finally, Millennium Management LLC grew its position in CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after buying an additional 534,825 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded up $1.35 during midday trading on Friday, hitting $10.80. 26,402,611 shares of the stock traded hands, compared to its average volume of 26,495,805. CleanSpark has a one year low of $6.41 and a one year high of $24.72. The business has a 50 day moving average price of $12.60 and a two-hundred day moving average price of $12.68. The company has a market cap of $3.16 billion, a PE ratio of -18.62 and a beta of 4.16.

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.