Benzinga - CleanSpark, Inc. (NASDAQ:CLSK) shares are trading higher Thursday as Bitcoin (CRYPTO: BTC) 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.
Related News: What’s Going On With Marathon Digital And Riot Platforms Stock?
CLSK Stock Prediction 2024
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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.