On June 21, 2023, CleanSpark, a company involved in crypto mining, announced that it will be acquiring two Bitcoin mining campuses located in Dalton, Georgia. The acquisition will cost CleanSpark $9.3 million in cash. With the addition of these facilities, CleanSpark’s hashrate is expected to increase by just under 1 exahash per second (EH/s). This will help the company achieve its year-end target of 16 EH/s.
According to CleanSpark’s CEO, Zach Bradford, this acquisition will further position the company as one of the most power-efficient miners in terms of energy-per-hashrate basis. CleanSpark predominantly mines Bitcoin using low-carbon energy sources, which make up over 90% of its energy mix.
In addition to this acquisition, CleanSpark’s shares are also on the rise. This is due to the positive developments in the broader crypto market, including the launch of a new exchange called EDX Markets. The exchange is backed by big players in the finance world, such as Charles Schwab, Fidelity, and Citadel Securities.
CLSK Stock Performance on June 21, 2023: Positive Opening, Fluctuating Price, and Mixed Results
On June 21, 2023, CLSK stock opened at 4.56, which was higher than the previous day’s close of 4.42. Throughout the day, the stock’s price fluctuated between 4.54 and 5.08. The volume for the day was 432,865, which was significantly lower than the average volume of the past three months, which was 6,694,063. The market cap for CLSK was $438.4M.
CLSK is a technology services company in the data processing services industry. The company’s headquarters are located in Henderson, Nevada.
The earnings growth for CLSK has been negative over the past year, with a growth rate of -81.16%. This year’s growth rate has been even more negative, at -182.48%. However, the company is expected to see earnings growth in the next five years, although no specific growth rate has been provided.
On the other hand, the revenue growth for CLSK has been positive, with a growth rate of 166.04% over the past year. However, the company’s net profit margin is negative, at -30.48%.
CLSK does not have a P/E ratio, which could make it difficult for investors to determine the company’s value. The price/sales ratio is 1.03, while the price/book ratio is 0.54.
The next reporting date for CLSK is August 8, 2023, and the EPS forecast for this quarter is -$0.27. The company’s annual revenue for last year was $131.5M, while the annual profit was -$57.3M.
Overall, CLSK’s stock performance on June 21, 2023, was mixed. The company’s negative earnings growth and net profit margin could be concerns for investors, although the positive revenue growth is a promising sign. With no competitors data available, investors will need to carefully evaluate the company’s position in the industry.
CleanSpark Inc (CLSK) 12-Month Price Forecast: Analysts Bullish with +43.00% Median Estimate Increase
On June 21, 2023, CleanSpark Inc (CLSK) had a median target price of $7.00, with a high estimate of $12.00 and a low estimate of $6.00. This indicates that the 4 analysts offering 12-month price forecasts for the company are bullish on its future prospects, with a median estimate representing a +43.00% increase from the last price of $4.89. The current consensus among the 4 polled investment analysts is to buy stock in CleanSpark Inc. CleanSpark Inc reported a loss of $0.27 per share in the current quarter, with sales of $51.8 million. The company is scheduled to release its earnings report on August 08, 2023.