CleanSpark's (CLSK) Overweight Rating Reiterated at Cantor Fitzgerald

CleanSpark (NASDAQ:CLSK - Get Free Report)'s stock had its "overweight" rating reiterated by analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $23.00 price objective on the stock. Cantor Fitzgerald's price target indicates a potential upside of 154.99% from the company's current price.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a research note on Friday, August 23rd. Chardan Capital reiterated a "buy" rating and issued a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. Finally, HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.97.

CleanSpark Trading Down 15.6 %

CLSK traded down $1.67 during trading on Tuesday, hitting $9.02. 28,050,116 shares of the stock were exchanged, compared to its average volume of 31,456,445. The firm has a 50 day simple moving average of $14.43 and a 200 day simple moving average of $16.37. CleanSpark has a 1 year low of $3.38 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The firm had revenue of $104.11 million for the quarter, compared to analysts' expectations of $114.04 million. Analysts forecast that CleanSpark will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On CleanSpark

Several institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank grew its stake in CleanSpark by 21.3% during the 1st quarter. Swiss National Bank now owns 364,800 shares of the company's stock valued at $7,737,000 after purchasing an additional 64,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after buying an additional 515,314 shares during the period. Dimensional Fund Advisors LP raised its position in CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company's stock worth $93,032,000 after buying an additional 3,235,171 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in CleanSpark during the 4th quarter valued at approximately $331,000. Finally, Comerica Bank purchased a new stake in shares of CleanSpark in the 1st quarter valued at $1,894,000. Institutional investors and hedge funds 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.