What's Going On With Bitcoin Mining Stock CleanSpark?

CleanSpark Inc CLSK shares are trading lower Thursday after the company reported fourth-quarter results.

What Happened: CleanSpark reported fourth-quarter revenue of $26.2 million, which was up 14% on a year-over-year basis. The number beat average analyst estimates of $25.1 million, according to Benzinga Pro. The company reported a fourth-quarter net loss of $42.3 million. 

CleanSpark said it ended the quarter with $20.5 million in cash and $11.1 million in Bitcoin BTC/USD.

"Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market," said Zach Bradford, CEO of CleanSpark.

Following the company's quarterly results, Chardan Capital analyst Brian Dobson maintained CleanSpark with a Buy rating and lowered the price target from $6 to $5.

CleanSpark describes itself as "America's Bitcoin Miner." In 2014, the company started helping people achieve energy independence for their homes and businesses. In 2020, CleanSpark began applying that expertise to develop sustainable infrastructure for Bitcoin.

See Also: Bitcoin Crashing To $10,000 And More: VanEck's Top 2023 Crypto Predictions

CLSK Price Action: CleanSpark has a 52-week high of $13.91 and a 52-week low of $1.97.

The stock was down 7.46% at $2.10 at time of publication, according to Benzinga Pro.

Photo: Laura from Pixabay.