CleanSpark, Inc. (NASDAQ:CLSK) Receives $23.17 Consensus PT from Analysts

Shares of CleanSpark, Inc. (NASDAQ:CLSK) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $23.17.

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, Macquarie upped 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.

CleanSpark Price Performance

CLSK stock opened at $10.09 on Friday. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -17.40 and a beta of 4.26. The company has a 50 day simple moving average of $12.51 and a 200 day simple moving average of $12.47. CleanSpark has a 1 year low of $6.41 and a 1 year high of $24.72.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently made changes to their positions in CLSK. Geode Capital Management LLC lifted its stake in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after acquiring an additional 549,187 shares during the period. State Street Corp lifted its position in shares of CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after purchasing an additional 208,862 shares during the period. Van ECK Associates Corp boosted its stake 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 during the last quarter. Finally, Millennium Management LLC increased its position in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the period. Institutional investors own 43.12% of the company’s stock.

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.