CleanSpark (NASDAQ:CLSK) Stock Price Up 6.7% After Analyst Upgrade

CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report)’s stock price rose 6.7% during mid-day trading on Friday after Chardan Capital raised their price target on the stock from $10.00 to $11.00. Chardan Capital currently has a buy rating on the stock. CleanSpark traded as high as $6.28 and last traded at $6.25. Approximately 2,048,610 shares were traded during trading, a decline of 73% from the average daily volume of 7,480,668 shares. The stock had previously closed at $5.86.

Several other research analysts also recently issued reports on CLSK. HC Wainwright boosted their price objective on shares of CleanSpark from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research boosted their price objective on shares of CleanSpark from $8.00 to $10.00 in a report on Tuesday, July 18th. Finally, TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a report on Tuesday, August 1st. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $10.00.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. American International Group Inc. increased its holdings in shares of CleanSpark by 8.9% during the first quarter. American International Group Inc. now owns 19,814 shares of the company’s stock worth $245,000 after buying an additional 1,612 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of CleanSpark by 60.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock worth $25,000 after buying an additional 2,150 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of CleanSpark by 18.7% during the first quarter. Dimensional Fund Advisors LP now owns 16,374 shares of the company’s stock worth $46,000 after buying an additional 2,574 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CleanSpark by 14.1% during the first quarter. JPMorgan Chase & Co. now owns 21,634 shares of the company’s stock worth $268,000 after buying an additional 2,678 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in shares of CleanSpark by 9.8% during the fourth quarter. Arete Wealth Advisors LLC now owns 33,600 shares of the company’s stock worth $68,544,000,000 after buying an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 30.29% of the company’s stock.

CleanSpark Stock Up 11.3 %

The company’s fifty day moving average price is $5.20 and its two-hundred day moving average price is $3.99. The company has a market cap of $734.74 million, a price-to-earnings ratio of 8.71 and a beta of 3.82.

CleanSpark (NASDAQ:CLSK – Get Free Report) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.14. CleanSpark had a negative net margin of 73.22% and a negative return on equity of 23.98%. The business had revenue of $42.55 million for the quarter, compared to analysts’ expectations of $40.70 million. Research analysts forecast that CleanSpark, Inc. will post -0.97 earnings per share for the current year.

CleanSpark Company Profile

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CleanSpark, Inc engages in bitcoin mining operations. It develops sustainable infrastructure for Bitcoin, a tool for financial independence and inclusion. The company also provides traditional data center services to its clients, such as providing customers with rack space, power, and equipment, as well as cloud services, including virtual services, virtual storage, and data backup services.

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