What's Going On With Bitcoin-Miner CleanSpark Stock?

CleanSpark, Inc. CLSK shares are trading higher Thursday as Bitcoin BTC/USD trades above the $45,000 level. Here’s a look at what’s going on.

What To Know:

On Tuesday, CleanSpark announced it has entered into definitive agreements to acquire three turnkey bitcoin mining facilities in Mississippi for a cash payment of $19.8 million. The company stated the purchase is expected to close within 21 days, and the operating hashrate at the combined facilities expected to reach 2.4 EH/s shortly after closing.

CleanSpark also reported that it mined 577 bitcoin in January last week.

CleanSpark shares have gained more than 20% over the past five days and are trading higher with Bitcoin which is up more than 5% Thursday. Investors are anticipating the company’s first-quarter financial results which are set to be released after the market close Thursday.

According to estimates from Benzinga Pro, the company is expected to report a loss of 24 cents per share and quarterly revenue of $70.411 million. Last quarter, CleanSpark missed on earnings by 44 cents per share and followed with a 22.44% increase in the share price the next day.

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CLSK Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Cleanspark have an average 1-year price target of $11.20, representing an expected upside of 10.67%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Cleanspark, while 5 analysts have bullish ratings. The street high price target from HC Wainwright & Co. is $14, while the street low from Cantor Fitzgerald is $10.

CLSK Price Action: According to Benzinga Pro, CleanSpark shares are up 9.83% at $10.23 at the time of publication.

Image: Pete Linforth from Pixabay