Because Coinbase, Silvergate, and CleanSpark are all in the crypto space, they tend to have a correlation with the broader crypto market in terms of price movement. But there is also other news that may be supporting the rising prices of these stocks. Although Coinbase has struggled since going public, analysts continue to be bullish on the stock.
Full Answer
Is CleanSpark a risky stock to buy?
Feb 10, 2022 · CleanSpark stock's performance over the past year, compared to Bitcoin and the S&P 500. CLSK data by YCharts. Now what. CleanSpark closed Q1 with $5.2 million in cash, $30.2 million in digital ...
How did CleanSpark make $41 million in Q1?
1 day ago · Why CleanSpark Stock Dived by Nearly 11% Today. Why Crypto Mining Stocks Popped on Friday. ... 1 Reason Why Nvidia Stock Is Rising Today. 1 Nasdaq Growth Stock Down 93% to Buy Now and Hold.
Is CleanSpark (clsk) headed for a trend reversal?
Feb 18, 2021 · While CleanSpark CEO Zach Bradford gave a fireside chat today, the stock had been rising well before the presentation started. Whatever the exact reason for today's spike, the stock was up a ...
Is CleanSpark’s Bitcoin miners ETF a potential catalyst?
Aug 23, 2021 · Cleanspark offers software and intelligent controls for microgrid and distributed energy resource management systems and design services. The company also focuses on clean Bitcoin mining. Price ...
Is CleanSpark a good stock to buy?
What does clean spark do?
Is CleanSpark a real company?
Who owns CleanSpark?
What happened
Shares of several crypto stocks rallied today along with the broader cryptocurrency market. Cryptocurrencies seemed to be enjoying a nice bump like the rest of the stock market, as tensions between Russia and Ukraine ease, at least for the time being.
So what
Earlier this morning, news outlets reported that Russia had withdrawn some of its troops from the Ukrainian border, although troops remain and the situation still seems uncertain. The Associated Press reported this morning that Russian President Vladimir Putin is ready to discuss security proposals with the U.S. and NATO.
Now what
Being in the crypto space, investors need to always consider what is going on in the broader crypto market when looking at the price movements of these stocks.
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Key Points
The company beat on the top line but missed on the bottom line for the fourth quarter of 2021.
What happened
With the price of Bitcoin ( BTC -5.27% ) continuing to tumble today, cryptocurrency investors would be right to suspect that shares of CleanSpark ( CLSK -3.89% ) are also sliding. But it's not only the dip in Bitcoin's price that's leading the market away from the bitcoin mining and energy technology company today.
So what
With $27.1 million on the top line, CleanSpark beat analysts' revenue estimates of $23.3 million. The bottom of the income statement, however, failed to provide a similarly pleasant surprise.
Now what
It's fairly common for stocks to fall when companies fail to live up to analysts' expectations; likewise, it's to be expected that CleanSpark dips as Bitcoin slides lower. But the company's sharp decline today seems a little overdone, leaving those on the sideline with a chance to start a position at a cheaper price than yesterday.
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How much did Cleanspark sell?
In a flurry of regulatory filings on Monday night, CleanSpark said that it will sell 9.09 million additional shares on the public market, on or about March 18. The new shares were priced at $22, which works out to a $200 million cash infusion. The company will use the cash to expand its infrastructure, purchase more cryptocurrency mining machines, and for other general corporate purposes.
Is Cleanspark a risky stock?
That being said, CleanSpark is still a risky stock trading at a nosebleed-inducing valuation. Share prices have skyrocketed 2,050% over the last year, largely thanks to surging Bitcoin prices.