CleanSpark, Inc. (NASDAQ:CLSK) Receives Average Rating of “Buy” from Analysts

CleanSpark, Inc. (NASDAQ:CLSK) has earned a consensus recommendation of “Buy” from the six analysts that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $23.17.

CLSK has been the subject of a number of recent research reports. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, Macquarie raised their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

CleanSpark Price Performance

Shares of NASDAQ:CLSK opened at $12.02 on Monday. The stock has a market cap of $3.52 billion, a P/E ratio of -20.72 and a beta of 4.16. The firm has a fifty day moving average price of $12.71 and a 200 day moving average price of $13.27. CleanSpark has a 1-year low of $6.41 and a 1-year high of $24.72.

Institutional Trading of CleanSpark

Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new position in shares of CleanSpark in the 2nd quarter valued at about $18,074,000. Van ECK Associates Corp increased 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. Geode Capital Management LLC increased its holdings in shares of CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares in the last quarter. Millennium Management LLC increased its holdings in shares of CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares in the last quarter. 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.