Cleanspark, Inc. (NASDAQ:CLSK) Receives $23.88 Consensus Price Target from Brokerages

Cleanspark, Inc. (NASDAQ:CLSK) has been given a consensus rating of “Moderate Buy” by the sixteen research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $23.8846.

CLSK has been the subject of several research reports. Chardan Capital reissued a “buy” rating and issued a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Keefe, Bruyette & Woods lifted their price target on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. Citigroup assumed coverage on Cleanspark in a research note on Wednesday, June 24th. They issued an “outperform” rating on the stock. Citizens Jmp initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. Finally, BTIG Research reissued a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, July 14th.

Cleanspark Stock Down 10.0%

Shares of NASDAQ:CLSK opened at $11.66 on Wednesday. The firm has a fifty day moving average price of $13.46 and a two-hundred day moving average price of $12.67. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -3.09 and a beta of 3.86. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11. Cleanspark has a one year low of $8.00 and a one year high of $23.61.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The business had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.Cleanspark’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. Analysts anticipate that Cleanspark will post -1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. CoreCap Advisors LLC boosted its stake in Cleanspark by 16.8% during the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after acquiring an additional 800 shares in the last quarter. KBC Group NV lifted its holdings in shares of Cleanspark by 10.7% during the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock valued at $73,000 after purchasing an additional 828 shares during the last quarter. Cresset Asset Management LLC boosted its position in shares of Cleanspark by 4.9% in the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock worth $297,000 after purchasing an additional 1,248 shares in the last quarter. CreativeOne Wealth LLC boosted its position in shares of Cleanspark by 11.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock worth $245,000 after purchasing an additional 1,680 shares in the last quarter. Finally, Markowski Investments purchased a new stake in shares of Cleanspark in the 2nd quarter worth approximately $25,000. 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.