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Are CleanSpark Inc. (NASDAQ: CLSK) Shares Ready For A Price Rise?

In the last trading session, 15.61 million CleanSpark Inc. (NASDAQ:CLSK) shares changed hands as the company’s beta touched 3.29. With the company’s per share price at $4.42 changed hands at -$0.21 or -4.54% during last session, the market valuation stood at $706.71M. CLSK’s last price was a discount, traded about -71.95% off its 52-week high of $7.60. The share price had its 52-week low at $1.74, which suggests the last value was 60.63% up since then. When we look at CleanSpark Inc.’s average trading volume, we note the 10-day average is 9.41 million shares, with the 3-month average coming to 11.39 million.

Analysts gave the CleanSpark Inc. (CLSK) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.70. If we narrow down to specifics, the data shows that 0 out of 4 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended CLSK as a Hold, 4 felt it is a Buy and 0 rated the stock as Underweight. CleanSpark Inc.’s EPS for the current quarter is expected to be -$0.12.

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CleanSpark Inc. (NASDAQ:CLSK) trade information

Instantly CLSK was in red as seen at the end of in last trading. With action 0.45%, the performance over the past five days has been green. The drop to weekly highs of 4.78 on Friday, 09/15/23 subtracted -4.54% to the stock’s daily price. The company’s shares are showing year-to-date upside of 116.67%, with the 5-day performance at 0.45% in the green. However, in the 30-day time frame, CleanSpark Inc. (NASDAQ:CLSK) is -28.94% down. Looking at the short shares, we see there were 9.9 million shares sold at short interest cover period of 0.87 days.

The consensus price target for the stock as assigned by Wall Street analysts is $11.25, meaning bulls need an upside of 60.71% from its current market value. According to analyst projections, CLSK’s forecast low is $10.00 with $14.00 as the target high. To hit the forecast high, the stock’s price needs a -216.74% plunge from its current level, while the stock would need to soar -126.24% for it to hit the projected low.

CleanSpark Inc. (CLSK) estimates and forecasts

Data shows that the CleanSpark Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 92.17% over the past 6 months, a -148.65% in annual growth rate that is considerably lower than the industry average of 17.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for CleanSpark Inc. will rise 87.90%, while the growth in revenue is estimated to hit 80.40% for the next quarter. Year-over-year growth is forecast to reach 31.60% up from the last financial year.

Consensus estimates given by 4 financial analysts project the company’s revenue in the current quarter to hit an average of $57.17 million. 4 analysts are of the opinion that CleanSpark Inc.’s revenue for the quarter ending Dec 2023 will be $85.36 million. The company’s revenue for the corresponding quarters a year ago was $26.17 million and $30.01 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 118.40%. The estimates for the next quarter sales put growth at 184.40%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 25.70%. The 2023 estimates are for CleanSpark Inc. earnings to decrease by -232.20%.

CLSK Dividends

CleanSpark Inc. is expected to release its next quarterly earnings report in October.

CleanSpark Inc. (NASDAQ:CLSK)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 3.04% of CleanSpark Inc. shares while 32.14% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 33.15%. There are 32.14% institutions holding the CleanSpark Inc. stock share, with Toroso Investments, LLC the top institutional holder. As of Jun 29, 2023, the company held 79.86% of the shares, roughly 3.89 million CLSK shares worth $16.7 million.

Millennium Management Llc holds the second largest percentage of outstanding shares, with 70.92% or 3.46 million shares worth $14.83 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Amplify Transformational Data Sharing ETF. With 4.0 million shares estimated at $17.16 million under it, the former controlled 82.07% of total outstanding shares. On the other hand, Amplify Transformational Data Sharing ETF held about 81.49% of the shares, roughly 3.97 million shares worth around $15.53 million.

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