CleanSpark (NASDAQ:CLSK) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of CleanSpark (NASDAQ:CLSK) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 94.55% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Finally, Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $22.25.

CleanSpark Trading Down 8.1 %

Shares of CleanSpark stock opened at $10.28 on Wednesday. The company has a fifty day simple moving average of $11.20 and a 200-day simple moving average of $11.48. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 93.46 and a beta of 4.25. CleanSpark has a 12-month low of $8.04 and a 12-month high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.81% and a net margin of 16.07%. On average, analysts forecast that CleanSpark will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the fourth quarter valued at about $31,000. GAMMA Investing LLC lifted its holdings in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the period. Hollencrest Capital Management lifted its holdings in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the period. KBC Group NV boosted its stake in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after buying an additional 2,190 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in CleanSpark by 21.2% in the third 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. Hedge funds and other institutional investors 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.