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

Keefe, Bruyette & Woods began coverage on shares of CleanSpark (NASDAQ:CLSK - Free Report) in a report issued on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $19.00 price objective on the stock.

Other analysts have also issued research reports about the company. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. 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 report on Wednesday, December 4th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $22.57.

CleanSpark Stock Down 2.5 %

NASDAQ:CLSK traded down $0.26 on Monday, reaching $10.05. 18,231,779 shares of the company's stock traded hands, compared to its average volume of 24,412,734. The stock has a 50-day simple moving average of $11.81 and a 200-day simple moving average of $11.93. The firm has a market cap of $2.94 billion, a PE ratio of -17.33 and a beta of 4.26. CleanSpark has a 12 month low of $7.64 and a 12 month high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. On average, equities analysts anticipate that CleanSpark will post 0.18 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew 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 worth $57,577,000 after buying an additional 549,187 shares in the last quarter. State Street Corp lifted its stake in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company's stock worth $56,730,000 after acquiring an additional 261,195 shares during the period. Assenagon Asset Management S.A. bought a new position in CleanSpark during the 4th quarter worth about $39,940,000. Charles Schwab Investment Management Inc. increased its position in CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock valued at $20,500,000 after purchasing an additional 208,862 shares during the period. Finally, Van ECK Associates Corp raised 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 valued at $14,857,000 after purchasing an additional 620,792 shares in the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.