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

CleanSpark, Inc. (NASDAQ:CLSK) has received a consensus recommendation of “Buy” from the six brokerages that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $23.17.

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, December 3rd.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management boosted its holdings in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after buying an additional 2,119 shares in the last quarter. KBC Group NV increased its stake in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP bought a new position in shares of CleanSpark during the 3rd quarter valued at approximately $117,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

CleanSpark Price Performance

Shares of CleanSpark stock opened at $9.45 on Friday. CleanSpark has a 1-year low of $6.41 and a 1-year high of $24.72. The company’s fifty day simple moving average is $12.61 and its 200-day simple moving average is $12.74. The stock has a market capitalization of $2.76 billion, a PE ratio of -16.29 and a beta of 4.16.

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.