Why Is CleanSpark (CLSK) Stock Up 27% Today?


  • CleanSpark (CLSK) stock is rising alongside a positive Q1 earnings report.
  • The crypto mining company beat out both EPS and revenue estimates.
  • Also helping is Bitcoin (BTC) boosting crypto stocks today.
CLSK Stock - Why Is CleanSpark (CLSK) Stock Up 27% Today?

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CleanSpark (NASDAQ:CLSK) stock is rising higher on Friday thanks to the Bitcoin (BTC-USD) mining company’s positive results in its fiscal first quarter of 2024!

The good news for CLSK stock starts with its adjusted earnings per share of 14 cents. That’s a major win for investors compared to Wall Street’s estimate of -26 cents per share. It’s also a positive change compared to its adjusted EPS of -46 cents from the same period of the year prior.

Adding to this victory is revenue of $73.8 million during the quarter. That’s another beat next to analysts’ estimates of $69.75 million. It’s also a 165% year-over-year increase compared to $27.8 million.

CleanSpark Chief Financial Officer Gary Vecchiarelli said the following in the fiscal Q1 earnings report:

“We’ve frequently emphasized the three efficiencies that we believe are imperative to our continued success, efficiency of our equipment fleet, efficiency of our facilities, and efficient use of capital. The results this quarter are the culmination of that focus.”

What’s Next for CLSK Stock?

CleanSpark’s success is largely reliant on how Bitcoin is performing. Looking at the crypto, it makes sense that CLSK is doing well today. Bitcoin just surpassed $47,000 per token for the first time since March 2022. That has cryptos rising, which is also helping out stocks that mine them.

CLSK stock is up 25.6% as of Friday morning.

There are even more stock market stories that traders are going to want to know about on Friday!

Luckily, we’ve got all of the hottest market news ready to go! Among that is what’s moving shares of Expedia (NASDAQ:EXPE), Synlogic (NASDAQ:SYBX) and BioXcel Therapeutics (NASDAQ:BTAI) stock today. All of that news is available at the links below!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/02/why-is-cleanspark-clsk-stock-up-27-today/.

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