Cleanspark (NASDAQ:CLSK) Price Target Raised to $21.00 at Chardan Capital

Cleanspark (NASDAQ:CLSK) had its price objective upped by stock analysts at Chardan Capital from $19.00 to $21.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Chardan Capital’s price objective would indicate a potential upside of 49.79% from the company’s previous close.

A number of other equities analysts also recently issued reports on CLSK. Needham & Company LLC upped their price target on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. HC Wainwright restated a “buy” rating on shares of Cleanspark in a research note on Tuesday, July 14th. Finally, BTIG Research reaffirmed a “buy” rating and set a $26.00 target price on shares of Cleanspark in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.65.

Cleanspark Stock Down 3.4%

Shares of Cleanspark stock opened at $14.02 on Tuesday. The firm’s 50 day moving average price is $15.45 and its 200-day moving average price is $12.60. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. Cleanspark has a 52-week low of $8.00 and a 52-week high of $23.61. The company has a market cap of $3.60 billion, a P/E ratio of -6.68 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing the consensus estimate of ($0.25) by ($1.27). The firm had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company’s revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.49) EPS. On average, sell-side analysts predict that Cleanspark will post -1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Cleanspark in the first quarter worth $68,000. Caxton Associates LLP purchased a new stake in shares of Cleanspark during the first quarter valued at $169,000. United Services Automobile Association purchased a new stake in shares of Cleanspark during the first quarter valued at $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cleanspark by 16.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after acquiring an additional 86,229 shares during the period. Finally, Strs Ohio purchased a new position in Cleanspark in the 1st quarter worth $38,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

About Cleanspark

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.