CLSK

JP Morgan Initiates Coverage of Cleanspark (CLSK) with Overweight Recommendation

Fintel reports that on October 11, 2023, JP Morgan initiated coverage of Cleanspark (NASDAQ:CLSK) with a Overweight recommendation.

Analyst Price Forecast Suggests 206.00% Upside

As of October 5, 2023, the average one-year price target for Cleanspark is 11.48. The forecasts range from a low of 10.10 to a high of $14.70. The average price target represents an increase of 206.00% from its latest reported closing price of 3.75.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Cleanspark is 290MM, an increase of 103.84%. The projected annual non-GAAP EPS is 0.14.

What is the Fund Sentiment?

There are 260 funds or institutions reporting positions in Cleanspark. This is an increase of 46 owner(s) or 21.50% in the last quarter. Average portfolio weight of all funds dedicated to CLSK is 0.19%, a decrease of 3.38%. Total shares owned by institutions increased in the last three months by 43.62% to 59,892K shares. CLSK / Cleanspark Inc Put/Call Ratios The put/call ratio of CLSK is 0.21, indicating a bullish outlook.

What are Other Shareholders Doing?

CLSK / Cleanspark Inc Shares Held by Institutions

Invesco holds 5,528K shares representing 3.62% ownership of the company. In it's prior filing, the firm reported owning 5,257K shares, representing an increase of 4.92%. The firm increased its portfolio allocation in CLSK by 1,547.76% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,000K shares representing 2.62% ownership of the company. In it's prior filing, the firm reported owning 2,670K shares, representing an increase of 33.25%. The firm increased its portfolio allocation in CLSK by 113.29% over the last quarter.

BLOK - Amplify Transformational Data Sharing ETF holds 3,894K shares representing 2.55% ownership of the company. In it's prior filing, the firm reported owning 3,971K shares, representing a decrease of 1.98%. The firm increased its portfolio allocation in CLSK by 17.29% over the last quarter.

Toroso Investments holds 3,892K shares representing 2.55% ownership of the company. In it's prior filing, the firm reported owning 3,203K shares, representing an increase of 17.70%. The firm increased its portfolio allocation in CLSK by 90.09% over the last quarter.

Millennium Management holds 3,456K shares representing 2.26% ownership of the company. In it's prior filing, the firm reported owning 1,512K shares, representing an increase of 56.26%. The firm increased its portfolio allocation in CLSK by 203.37% over the last quarter.

Cleanspark Background Information
(This description is provided by the company.)

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges. We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions. Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services. Through its wholly owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of over 3,400 ASIC (application-specific integrated circuit) Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 300 PH/s in mining capacity in early 2021. CleanSpark plans to apply its technologies with a goal of mining bitcoins at the lowest energy prices in the United States .

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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