Brokerages Set CleanSpark, Inc. (NASDAQ:CLSK) Price Target at $22.57

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) has earned an average rating of "Buy" from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $22.57.

Several research analysts have recently commented on the stock. Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday. They issued an "outperform" rating and a $19.00 price target for the company. JPMorgan Chase & Co. raised CleanSpark from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Finally, HC Wainwright restated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Tuesday.

CleanSpark Trading Down 2.4 %

CleanSpark stock traded down $0.25 during trading on Tuesday, hitting $10.07. The company had a trading volume of 15,304,348 shares, compared to its average volume of 24,188,178. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of -17.35 and a beta of 4.26. CleanSpark has a 1-year low of $7.64 and a 1-year high of $24.72. The company's 50 day simple moving average is $11.95 and its 200-day simple moving average is $12.00.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Monday, December 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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, analysts forecast that CleanSpark will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Hollencrest Capital Management increased its holdings in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $37,000 after acquiring an additional 1,000 shares during the period. FMR LLC increased its stake in CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company's stock valued at $231,000 after purchasing an additional 1,170 shares during the period. Amalgamated Bank raised its holdings in shares of CleanSpark by 18.4% in the second quarter. Amalgamated Bank now owns 7,667 shares of the company's stock valued at $122,000 after buying an additional 1,194 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after buying an additional 1,345 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company's stock worth $635,000 after buying an additional 1,709 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.