Keefe, Bruyette & Woods Begins Coverage on CleanSpark (NASDAQ:CLSK)

Analysts at Keefe, Bruyette & Woods began coverage on shares of CleanSpark (NASDAQ:CLSK) in a report released on Monday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $19.00 price target on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 64.79% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their target price for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark presently has a consensus rating of “Buy” and an average target price of $22.57.

CleanSpark Stock Up 1.1 %

Shares of CLSK opened at $11.53 on Monday. CleanSpark has a twelve month low of $6.95 and a twelve month high of $24.72. The stock has a market capitalization of $3.37 billion, a P/E ratio of -19.88 and a beta of 4.26. The company has a 50 day moving average of $11.95 and a 200-day moving average of $12.00.

CleanSpark (NASDAQ:CLSK) last announced its 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, sell-side analysts anticipate that CleanSpark will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank lifted its position in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after acquiring an additional 1,194 shares during the last quarter. Sei Investments Co. increased its stake in shares of CleanSpark by 7.0% during the second quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock worth $484,000 after purchasing an additional 1,987 shares during the period. Thrivent Financial for Lutherans lifted its holdings in CleanSpark by 311.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 86,718 shares of the company’s stock worth $1,383,000 after purchasing an additional 65,644 shares during the last quarter. Bank of Montreal Can boosted its stake in CleanSpark by 15.4% in the 2nd quarter. Bank of Montreal Can now owns 104,074 shares of the company’s stock valued at $1,731,000 after purchasing an additional 13,868 shares during the period. Finally, Xponance Inc. grew its holdings in CleanSpark by 19.1% in the 2nd quarter. Xponance Inc. now owns 14,449 shares of the company’s stock valued at $230,000 after buying an additional 2,319 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.