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

Cantor Fitzgerald reaffirmed their overweight rating on shares of CleanSpark (NASDAQ:CLSK) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $23.00 target price on the stock.

A number of other equities analysts have also commented on the stock. HC Wainwright reaffirmed a buy rating and set a $27.00 price target on shares of CleanSpark in a research report on Monday, August 12th. JPMorgan Chase & Co. decreased their target price on shares of CleanSpark from $12.50 to $10.50 and set a neutral rating on the stock in a research report on Friday, August 23rd. Finally, Chardan Capital reiterated a buy rating and issued a $26.00 price target on shares of CleanSpark in a research report on Monday, May 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, CleanSpark currently has an average rating of Moderate Buy and a consensus target price of $18.97.

CleanSpark Price Performance

Shares of CLSK opened at $8.09 on Tuesday. The firm has a 50-day moving average of $13.98 and a 200-day moving average of $16.20. CleanSpark has a one year low of $3.38 and a one year high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its earnings results 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). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The firm had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. As a group, analysts expect that CleanSpark will post -0.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the last quarter. Dimensional Fund Advisors LP grew its position in CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after acquiring an additional 3,235,171 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in CleanSpark by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after acquiring an additional 142,078 shares during the last quarter. Millennium Management LLC raised its stake in 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 acquiring an additional 534,825 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of CleanSpark in the 2nd quarter valued at approximately $18,074,000. 43.12% of the stock is owned by institutional investors.

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.