CleanSpark (NASDAQ:CLSK) Trading Up 6.8% - Here's What Happened

Market Beat
2025.01.25 16:01

CleanSpark (NASDAQ:CLSK) shares rose 6.8% to $11.90 during trading, with a total of 10,437,582 shares exchanged. Analysts have given the stock a consensus "Buy" rating, with target prices ranging from $17.00 to $27.00. The company reported a loss of ($0.27) EPS for the last quarter, missing estimates. CleanSpark operates as a bitcoin miner using low-carbon power and has a market cap of $3.37 billion. Hedge funds hold 43.12% of the stock, indicating strong institutional interest.

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shot up 6.8% during trading on Thursday . The company traded as high as $11.65 and last traded at $11.90. 10,437,582 shares changed hands during trading, a decline of 54% from the average session volume of 22,715,803 shares. The stock had previously closed at $11.14.

Wall Street Analysts Forecast Growth

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CLSK has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Cantor Fitzgerald restated an "overweight" rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $23.17.

Get Our Latest Stock Report on CleanSpark

CleanSpark Trading Up 1.1 %

  • CleanSpark Challenges MicroStrategy’s Bitcoin Playbook

The stock has a market cap of $3.37 billion, a price-to-earnings ratio of -19.88 and a beta of 4.26. The firm's 50 day moving average is $11.95 and its two-hundred day moving average is $12.05.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released 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 net margin of 38.47% and a negative return on equity of 2.36%. As a group, equities analysts expect that CleanSpark, Inc. will post 0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

  • Bitcoin Breakout: 3 Stocks Set to Ride the Cryptocurrency Wave

Large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new stake in shares of CleanSpark in the fourth quarter worth about $39,940,000. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $18,074,000. Van ECK Associates Corp lifted its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after buying an additional 620,792 shares during the last quarter. Geode Capital Management LLC increased its stake in CleanSpark by 9.8% during the third 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 during the last quarter. Finally, Millennium Management LLC lifted its holdings in CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock worth $19,958,000 after acquiring an additional 534,825 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

CleanSpark Company Profile

(Get Free Report)

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.

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