CleanSpark Receives a Moderate Buy Consensus Rating

CleanSpark, Inc. (NASDAQ:CLSK), a company specializing in bitcoin mining with low-carbon energy-operated data centers, has received an encouraging consensus rating of 'Moderate Buy' from the brokerage community. MarketBeat reports that among the six analysts covering the stock, five analysts recommend buying, while one suggests holding the stock. The forecasted one-year price target stands at an average of $14.72 per share.

Brokerage Perspectives on CleanSpark

Analysts have expressed a range of views on CleanSpark's stock performance. HC Wainwright has raised their price target from $15.00 to $27.00 and maintains a 'buy' rating. TheStreet upgraded the company's shares from a 'd' rating to a 'c-' in light of recent developments. BTIG Research and Chardan Capital are also optimistic, having raised their price targets to $12.00 and $26.00 respectively, and reiterating a 'buy' rating. On the other hand, JPMorgan Chase & Co. has maintained a 'neutral' stance while lowering their price objective slightly from $9.00 to $8.00.

Recent Performance and Earnings

CleanSpark's stock opened at $20.24 with the past year's trading range between $2.04 and $23.45. The 50-day and 200-day moving averages are at $12.32 and $8.01, respectively. Remarkably, the company outperformed earnings expectations by reporting a quarterly EPS shortfall of only $0.02 against the anticipated $0.28. Its quarterly revenue was also stronger than expected at $73.79 million. For the current year, analysts project an EPS of -$0.42 for CleanSpark.

Insider Transactions

The company's Chairman, S. Matthew Schultz, sold shares worth over $6.75 million. The CFO, Gary Anthony Vecchiarelli, sold shares totaling approximately $549,000. CleanSpark's insiders have, in total, sold shares valued at nearly $7.5 million in the past 90 days, yet they still retain a significant stake in the business.

Institutional Investors' Involvement

Hedge funds and institutional investors have played active roles in buying and selling CleanSpark shares. Notable movements include Dimensional Fund Advisors increasing its stake by 62.2% and Renaissance Technologies by 907.1%. State Street Corp, BlackRock Inc., and Vanguard Group Inc. also notably increased their shares, demonstrating confidence in the company's direction.

About CleanSpark

Formerly known as Stratean Inc., CleanSpark shifted its focus towards environmentally conscious bitcoin mining operations in the Americas. The firm's infrastructure supports the mining of Bitcoin, promoting financial autonomy and inclusivity.

CleanSpark, ModerateBuy, Rating