Cleanspark (NASDAQ:CLSK) Given “Buy” Rating at Chardan Capital

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reissued by stock analysts at Chardan Capital in a research note issued on Monday,Benzinga reports. They presently have a $21.00 price objective on the stock. Chardan Capital’s price objective indicates a potential upside of 70.73% from the stock’s current price.

Several other analysts have also commented on CLSK. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Citigroup started coverage on shares of Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $26.00 target price on shares of Cleanspark in a research report on Friday. HC Wainwright restated a “buy” rating on shares of Cleanspark in a research report on Friday. Finally, Needham & Company LLC lifted their price objective on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cleanspark has an average rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Price Performance

CLSK stock opened at $12.30 on Monday. The firm has a market cap of $3.16 billion, a PE ratio of -3.26 and a beta of 3.86. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91. The firm’s fifty day moving average is $14.89 and its 200 day moving average is $12.66. Cleanspark has a one year low of $8.00 and a one year high of $23.61.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The firm had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same quarter last year, the company posted $0.90 EPS. The company’s revenue was down 30.5% on a year-over-year basis. On average, research analysts forecast that Cleanspark will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Cleanspark

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