Cleanspark (NASDAQ:CLSK) Receives Buy Rating from Chardan Capital

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

Several other research firms have also recently issued reports on CLSK. Maxim Group raised their target price on shares of Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Weiss Ratings lowered shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Cantor Fitzgerald decreased their price target on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Keefe, Bruyette & Woods boosted their price objective 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. Finally, Needham & Company LLC increased their target price on Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.12.

Cleanspark Trading Down 7.6%

Shares of Cleanspark stock opened at $12.48 on Wednesday. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The business’s fifty day moving average is $15.30 and its two-hundred day moving average is $12.35. 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 market cap of $3.20 billion, a PE ratio of -5.94 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($1.27). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.35 million. During the same quarter last year, the company posted ($0.49) earnings per share. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. Analysts anticipate that Cleanspark will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently bought and sold shares of the business. Situational Awareness LP lifted its stake in shares of Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cleanspark by 81.3% in the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after buying an additional 6,323,715 shares in the last quarter. Marex Group plc raised its holdings in shares of Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock valued at $54,654,000 after buying an additional 5,377,976 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Cleanspark during the 3rd quarter valued at about $56,056,000. Finally, Renaissance Technologies LLC acquired a new position in Cleanspark during the 4th quarter worth approximately $26,125,000. 43.12% of the stock is currently owned by hedge funds and other 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.