Top 5 Multibagger Penny Stocks to Buy in 2022

2. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Holders: 4

CleanSpark, Inc. (NASDAQ:CLSK) is a Henderson, Nevada-based sustainable bitcoin mining company. It also provides smart power systems for residential users and software solutions that aid IoT products in efficiently managing peak load.

In an investor note issued on June 3, Gregory Lewis at BTIG maintained a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) stock with a target price of $10. The analyst highlighted that the mining stocks have given back their gains despite the gross margins on mining still hovering around the 47.5% level.

CleanSpark, Inc. (NASDAQ:CLSK) is on a strong growth trajectory, as reflected by some of the company’s initiatives. In June, the management announced that it had acquired a purchase contract for 1,800 Antminer S19 XP units to achieve its goal of infrastructure expansion. CleanSpark, Inc. (NASDAQ:CLSK) saw its revenue quadruple to $41.6 million in Q1, up from $8.1 in the first quarter of 2020. The company’s strong growth plans provide an opportunity to investors to earn healthy returns in the future.

CleanSpark, Inc. (NASDAQ:CLSK) was held by 4 hedge funds at the end of Q1 2022.