Cantor Fitzgerald Reiterates “Overweight” Rating for CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They presently have a $23.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 165.13% from the company’s previous close.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Monday, August 12th. Finally, Chardan Capital reissued a “buy” rating and issued a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, CleanSpark has an average rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Stock Down 3.8 %

NASDAQ CLSK opened at $8.68 on Tuesday. The company has a fifty day simple moving average of $14.13 and a 200 day simple moving average of $16.25. CleanSpark has a 1 year low of $3.38 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. On average, sell-side analysts expect that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently made changes to their positions in CLSK. New York State Common Retirement Fund raised its stake in shares of CleanSpark by 54.8% in the 4th quarter. New York State Common Retirement Fund now owns 63,141 shares of the company’s stock valued at $696,000 after buying an additional 22,340 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of CleanSpark by 50.5% in the 4th quarter. Victory Capital Management Inc. now owns 23,973 shares of the company’s stock valued at $264,000 after buying an additional 8,040 shares in the last quarter. Swiss National Bank raised its stake in shares of CleanSpark by 27.8% in the 4th quarter. Swiss National Bank now owns 300,800 shares of the company’s stock valued at $3,318,000 after buying an additional 65,400 shares in the last quarter. Amalgamated Bank raised its stake in shares of CleanSpark by 25.4% in the 4th quarter. Amalgamated Bank now owns 13,197 shares of the company’s stock valued at $146,000 after buying an additional 2,671 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of CleanSpark by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after buying an additional 142,078 shares in the last quarter. Institutional investors and hedge funds 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.