The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.
JPMorgan doesn't often issue upgrades to two bitcoin miners at once, but that's exactly what happened on Tuesday with CleanSpark Inc CLSK and Cipher Mining Inc CIFR.
CleanSpark Inc CLSK shares were down on Tuesday, even after the company reported upbeat fourth-quarter results.
CleanSpark stock is up 68% since October, showing strong potential despite a 6% pre-market drop after Q4 results, maintaining a bullish outlook. CLSK stock valuation remains attractive, with significant capacity growth and a substantial Bitcoin treasury, suggesting further upside potential if Bitcoin prices rise. CleanSpark's high short interest (19%) could lead to volatility but also offers potential for swift stock movement upon an upside breakout.
The stock market had been running behind the massive rally in shares of MicroStrategy Inc. NASDAQ: MSTR, especially as it had become common knowledge that the company's Bitcoin holdings would bring its valuation to new highs when and if the cryptocurrency markets rallied higher. However, that euphoria was soon met with a new reality.
CleanSpark, Inc. (NASDAQ:CLSK ) Q4 2024 Earnings Conference Call December 2, 2024 4:30 PM ET Company Participants Brittany Moore - Director, Investor Relations Zach Bradford - Chief Executive Officer Gary Vecchiarelli - Chief Financial Officer Conference Call Participants Mike Colonnese - HC Wainwright Brian Dobson - Clear Street Tyler DiMatteo - BTIG Brett Knoblauch - Cantor Fitzgerald Reggie Smith - JPMorgan Operator Good afternoon. My name is Krista and I will be your conference operator today.
Wall Street expects Bitcoin miner CleanSpark Inc CLSK to report a loss of 18 cents per share and $88.65 million in revenues when it posts fourth-quarter earnings after market hours on Monday.
CleanSpark is a bitcoin mining company that hasn't appreciated at the rate of other bitcoin or crypto-related stocks in the short term, such as MicroStrategy Inc. or Coinbase. The % short float for CleanSpark is at 31% of their shares outstanding. Dilution, combined with this excessive shorting, has spooked retail investors. A major catalyst for CleanSpark will be their guidance for Q4 earnings as they have been HODLing a significant number of bitcoins where the appreciation in price will eventually show.
In the most recent trading session, CleanSpark (CLSK) closed at $14.95, indicating a -0.99% shift from the previous trading day.
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?
Bitcoin has celebrated the return of Donald Trump to the White House in recent weeks and the momentum is unlikely to fade anytime soon, as per BCA Research analyst Dhaval Joshi. Joshi expects BTC to eventually be worth more than $200,000.
In the latest trading session, CleanSpark (CLSK) closed at $14.03, marking a +0.36% move from the previous day.