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CleanSpark Inc shares are trading higher Tuesday. The company announced the acquisition of two new mining sites, as well as the closing of its second site in Wyoming.
What To Know: CleanSpark shares were up more than 3% in early trading Tuesday before pulling back. The Bitcoin mining company said it acquired two mining sites in Mississippi, and closed on its second site in Wyoming.
CleanSpark acquired the two new sites in Mississippi for a combined price of $5.775 million. The purchase price includes the cost of completing construction required for the sites. The locations are expected to support a total of 16.5 megawatts (MW).
The Mississippi acquisition is expected to be delivered to the company turnkey ready at the start of December. The sites will house S21 pro miners with an expected combined operating hashrate of approximately 1 EH/s. The addition of these sites will bring the CleanSpark’s data center portfolio in Mississippi up to 60.5 MW.
CleanSpark also announced that it closed on its previously announced site in Wyoming on Sept. 11. The site is expected to add 3 EH/s to the company’s hashrate.
“Including today’s announcement, our operational capacity has soared over the last seven days totaling 211.5 MW of new capacity. That’s an increase of nearly 38 percent, which will not only support our target of 37 EH/s by the end of 2024, but also our target of 50 EH/s in 2025,” said Zach Bradford, CEO of CleanSpark.
“CleanSpark’s rapid growth underscores our ongoing commitment to deliver long-term shareholder value.”
CleanSpark shares closed Monday down 3.3% as crypto-related stocks traded lower alongside the broader crypto market. Bitcoin was up 0.91% over the last 24 hours, trading at $58,991 at the time of publication, per Benzinga Pro.
CLSK Price Action: CleanSpark shares were up 1.32% at $9.19 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Wood Thomas Leigh |
Relationship | Director |
Type | Sell |
Amount | $205,331 |
SEC Filing | Form 4 |
Wood Thomas Leigh, a Director at CLEANSPARK, sold 22,222 shares of Common Stock on September 12, 2024, at a weighted average price of $9.24 per share, totaling $205,331. Following the transaction, Leigh directly owns 137,050 shares of Common Stock and 1,000,000 shares of Series X Preferred Stock. Additionally, Leigh indirectly owns 60,196 shares of Common Stock through a spouse.
SEC Filing: CLEANSPARK, INC. [ CLSK ] - Form 4 - Sep. 12, 2024
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about CleanSpark (CLSK).
CleanSpark currently has an average brokerage recommendation (ABR) of 1.40, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by five brokerage firms. An ABR of 1.40 approximates between Strong Buy and Buy.
Of the five recommendations that derive the current ABR, four are Strong Buy, representing 80% of all recommendations.
Brokerage Recommendation Trends for CLSK
While the ABR calls for buying CleanSpark, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
Although both Zacks Rank and ABR are displayed in a range of 1-5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is CLSK a Good Investment?
Looking at the earnings estimate revisions for CleanSpark, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$0.49.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for CleanSpark. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for CleanSpark.
Zacks Investment Research
In a major expansion move, CleanSpark Inc. is slated to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, expanding the miner's current hashrate by over 22%.
What Happened: CleanSpark's acquisition includes the associated land and is projected to enhance its current hashrate by over 22%, reaching 5 exahashes per second (EH/s) once the latest S21 Pro miners are installed, The Block reported.
The expansion will be facilitated immediately after the closing of each site, with the seven sites totaling 85 MW and ranging in size from 10 MW to 20 MW.
"With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024,” stated CleanSpark CEO Zach Bradford as reported by theBlock.
He further noted that the company’s strategy is to leverage the political and energy environment in Tennessee, similar to Georgia, where CleanSpark has deployed nearly $1 billion of capital and operates nearly 500 MW.
Also Read: CleanSpark Nears Death Cross As Bitcoin Production Slows: More Pain Ahead?
Why It Matters: This acquisition is a strategic move for CleanSpark, which is already one of the three largest bitcoin producers, alongside MARA Holdings and Core Scientific .
The deal also underscores the company's commitment to its growth strategy, leveraging favorable political and energy environments to expand its operations. The expected increase in hashrate will significantly boost the company’s bitcoin production, potentially leading to increased revenues and profitability in the long run.
In its latest earnings report, CleanSpark reported an increase of 129% in its quarterly revenue coupled with a 24% increase in hashrate during the quarter.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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