Why did CleanSpark stock rise sharply on Monday?

CleanSpark's stock surged due to a "overweight" rating upgrade from an investment firm and its recent land acquisition in Austin, Texas.

What is CleanSpark's new Austin land acquisition for?

The 271-acre land in Austin, Texas, will support its power supply agreements with AI companies and facilitate the construction of a new substation.

When will CleanSpark release its FY2025 earnings?

CleanSpark is scheduled to release its full fiscal year 2025 earnings after market close on Tuesday, November 25.

Home / Business and Economy / CleanSpark Surges on Bullish AI Land Deal

CleanSpark Surges on Bullish AI Land Deal

25 Nov

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Summary

CleanSpark stock jumped 17.99% following bullish coverage.
A new 271-acre land acquisition in Austin, Texas, supports AI power.
JPMorgan raised CleanSpark's rating to 'overweight' with a $14 target.

CleanSpark Surges on Bullish AI Land Deal

CleanSpark, Inc. (NASDAQ:CLSK) saw its stock price climb by 17.99% on Monday, reaching $11.48 per share. This notable increase followed an investment firm's decision to upgrade its rating for CLSK stock to "overweight" from "neutral," setting a price target of $14.

The upgrade was largely influenced by CleanSpark's recent acquisition of a substantial 271-acre property in Austin, Texas. This strategic land purchase is intended to enhance the company's capacity to meet its existing 285 MW power supply agreements with artificial intelligence firms.

Construction has commenced on a new substation for the Austin site, with initial phases focused on supporting AI workloads and expanding the company's digital infrastructure. Energization of over 200 MW is anticipated by the first half of 2027. Additionally, CleanSpark is scheduled to announce its fiscal year 2025 earnings after market close on November 25.

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