Archer Investment Management LLC Makes New Investment in CleanSpark, Inc. (NASDAQ:CLSK)

Archer Investment Management LLC bought a new position in CleanSpark, Inc. (NASDAQ:CLSK) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 13,234 shares of the company’s stock, valued at approximately $122,000.

Several other institutional investors have also recently made changes to their positions in CLSK. Assenagon Asset Management S.A. bought a new stake in CleanSpark during the fourth quarter worth approximately $39,940,000. Van ECK Associates Corp increased its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares during the period. Geode Capital Management LLC raised its holdings in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares in the last quarter. Barclays PLC lifted its position in shares of CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the period. Finally, State Street Corp boosted its position in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Trading Up 1.4 %

NASDAQ:CLSK opened at $10.59 on Tuesday. The firm has a market cap of $2.97 billion, a P/E ratio of -18.26 and a beta of 4.26. The stock has a 50 day moving average of $11.60 and a two-hundred day moving average of $11.75. CleanSpark, Inc. has a 12 month low of $7.64 and a 12 month high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Monday, December 2nd. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. On average, research analysts forecast that CleanSpark, Inc. will post 0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.57.

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.