Cleanspark’s (CLSK) “Buy” Rating Reaffirmed at Chardan Capital

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by analysts at Chardan Capital in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $19.00 price objective on the stock. Chardan Capital’s price target suggests a potential upside of 52.24% from the company’s current price.

A number of other research analysts also recently commented on CLSK. Cantor Fitzgerald reduced their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price on the stock. Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Needham & Company LLC lifted their price target on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Finally, Citigroup started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.12.

Cleanspark Stock Performance

Shares of CLSK stock opened at $12.48 on Wednesday. Cleanspark has a 12 month low of $8.00 and a 12 month high of $23.61. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. The firm has a market capitalization of $3.20 billion, a P/E ratio of -5.94 and a beta of 3.83. The company’s fifty day moving average price is $15.30 and its two-hundred day moving average price is $12.35.

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

Institutional Investors Weigh In On Cleanspark

Institutional investors have recently made changes to their positions in the company. CoreCap Advisors LLC raised its position in shares of Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock valued at $81,000 after acquiring an additional 800 shares in the last quarter. KBC Group NV boosted its holdings in Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares during the period. FNY Investment Advisers LLC increased its stake in Cleanspark by 14.6% during the third quarter. FNY Investment Advisers LLC now owns 9,595 shares of the company’s stock valued at $139,000 after purchasing an additional 1,219 shares during the last quarter. Cresset Asset Management LLC increased its stake in Cleanspark by 4.9% during the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after purchasing an additional 1,248 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in shares of Cleanspark by 11.0% during the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock worth $245,000 after purchasing an additional 1,680 shares during the period. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Company Profile

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.