Cleanspark (NASDAQ:CLSK) Stock Price Expected to Rise, Chardan Capital Analyst Says

Cleanspark (NASDAQ:CLSK) had its target price increased by research analysts at Chardan Capital from $16.00 to $19.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s price target would indicate a potential upside of 21.87% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC lifted their price target on Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Cantor Fitzgerald decreased their target price on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. B. Riley Financial dropped their price target on shares of Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Finally, Weiss Ratings downgraded shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Cleanspark has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Cleanspark Stock Performance

Shares of NASDAQ:CLSK opened at $15.59 on Monday. The company has a 50 day moving average of $12.96 and a 200-day moving average of $11.94. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a market cap of $4.00 billion, a P/E ratio of -7.42 and a beta of 3.79. Cleanspark has a twelve month low of $8.00 and a twelve month high of $23.61.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data 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 company had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.36 million. Cleanspark’s revenue was down 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.49) EPS. As a group, analysts anticipate that Cleanspark will post -1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its holdings in shares of Cleanspark by 617.3% in the first quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock valued at $7,614,000 after purchasing an additional 770,000 shares in the last quarter. Situational Awareness LP boosted its position in shares of Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after buying an additional 10,635,739 shares during the period. Feynman Point Asset Management LLC boosted its position in shares of Cleanspark by 20.6% in the first quarter. Feynman Point Asset Management LLC now owns 213,300 shares of the company’s stock worth $1,815,000 after buying an additional 36,500 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Cleanspark by 11.4% during the first quarter. California State Teachers Retirement System now owns 300,688 shares of the company’s stock valued at $2,559,000 after buying an additional 30,663 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.