What's Going On With CleanSpark Stock Today?
Portfolio Pulse from Erica Kollmann
CleanSpark, Inc. (NASDAQ:CLSK) reported Q3 losses of 12 cents per share, beating the analyst consensus estimate of a loss of 17 cents per share. However, the company missed the analyst consensus estimate of $45.71 million in sales, reporting $45.52 million instead. CleanSpark's CEO announced that the company operates over 9 EH/s of efficient computing power and has over $90 million in cash and almost 1,200 bitcoins on its balance sheet. HC Wainwright & Co. analyst Mike Colonnese maintained a Buy rating on CleanSpark and raised the price target from $12 to $14.
August 10, 2023 | 2:41 pm
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POSITIVE IMPACT
CleanSpark beat Q3 EPS estimates but missed on sales. The company's cash and bitcoin holdings are strong. HC Wainwright & Co. maintains a Buy rating and raises the price target from $12 to $14.
CleanSpark's better-than-expected Q3 EPS and strong cash and bitcoin holdings are positive signs. However, the company missed sales estimates, which could be a concern. The maintained Buy rating and increased price target by HC Wainwright & Co. analyst suggest a positive outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100