Cleanspark, Inc. (NASDAQ:CLSK) Receives Average Rating of “Moderate Buy” from Brokerages

Cleanspark, Inc. (NASDAQ:CLSK) has been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $21.1250.

Several research analysts have recently weighed in on CLSK shares. Cantor Fitzgerald decreased their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Citigroup began coverage on Cleanspark in a research report on Wednesday, June 24th. They set an “outperform” rating on the stock. BTIG Research reiterated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a report on Tuesday, May 12th. Zacks Research downgraded Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Finally, 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 report on Wednesday, May 13th.

Cleanspark Price Performance

Shares of CLSK opened at $12.36 on Tuesday. The company has a market capitalization of $3.17 billion, a P/E ratio of -5.89 and a beta of 3.83. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a 50 day moving average of $15.35 and a 200 day moving average of $12.38. Cleanspark has a twelve month low of $8.00 and a twelve month high of $23.61.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. During the same period last year, the company posted ($0.49) earnings per share. The business’s revenue was down 24.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cleanspark will post -1.19 earnings per share for the current fiscal year.

Institutional Trading of Cleanspark

A number of large investors have recently made changes to their positions in the stock. Danske Bank A S bought a new position in Cleanspark during the fourth quarter valued at approximately $25,000. Quarry LP bought a new stake in Cleanspark in the 3rd quarter worth approximately $26,000. Morse Asset Management Inc bought a new stake in Cleanspark in the 3rd quarter worth approximately $32,000. Strs Ohio purchased a new stake in Cleanspark during the 1st quarter valued at $38,000. Finally, CIBC Private Wealth Group LLC raised its stake in Cleanspark by 5,081.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after buying an additional 2,947 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.