Cleanspark (NASDAQ:CLSK) Given Buy Rating at BTIG Research

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a report issued on Tuesday,Benzinga reports. They currently have a $26.00 price target on the stock. BTIG Research’s target price indicates a potential upside of 92.46% from the stock’s current price.

CLSK has been the topic of several other reports. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday. Cantor Fitzgerald reduced their target price on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Citigroup started coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued an “outperform” rating on the stock. Citizens Jmp started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.12.

Cleanspark Stock Performance

Shares of CLSK traded up $1.15 during mid-day trading on Tuesday, hitting $13.51. The stock had a trading volume of 26,464,773 shares, compared to its average volume of 23,219,037. The firm has a market cap of $3.47 billion, a P/E ratio of -6.36 and a beta of 3.83. The business has a fifty day moving average price of $15.35 and a 200-day moving average price of $12.38. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. Cleanspark has a 52 week low of $8.00 and a 52 week high of $23.61.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CLSK. New York State Teachers Retirement System increased its holdings in Cleanspark by 37.7% during the 4th quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock worth $3,458,000 after acquiring an additional 93,649 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in Cleanspark in the 4th quarter worth approximately $2,019,000. Benchmark Financial LLC bought a new position in Cleanspark in the 4th quarter valued at $1,255,000. Tudor Investment Corp ET AL boosted its holdings in Cleanspark by 496.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock valued at $25,118,000 after purchasing an additional 1,441,939 shares during the period. Finally, Fiduciary Alliance LLC purchased a new stake in shares of Cleanspark in the fourth quarter worth $2,203,000. Hedge funds and other institutional investors 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.