Cleanspark (NASDAQ:CLSK) Receives Overweight Rating from Cantor Fitzgerald

Cleanspark (NASDAQ:CLSK)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a report released on Friday,Benzinga reports. They presently have a $26.00 price objective on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 103.92% from the company’s previous close.

CLSK has been the subject of a number of other research reports. BTIG Research restated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a research report on Tuesday, July 14th. B. Riley Financial boosted their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. Needham & Company LLC increased their target price on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. HC Wainwright reissued a “buy” rating on shares of Cleanspark in a research note on Friday. Finally, Maxim Group raised their price objective on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.88.

Cleanspark Stock Performance

Cleanspark stock opened at $12.75 on Friday. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The firm’s fifty day moving average price is $15.01 and its 200-day moving average price is $12.67. The stock has a market cap of $3.27 billion, a P/E ratio of -6.07 and a beta of 3.86. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results 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 positive return on equity of 7.07% and a negative net margin of 67.66%.The firm had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period last year, the firm earned ($0.49) EPS. The company’s revenue for the quarter was down 24.9% on a year-over-year basis. On average, equities research analysts expect that Cleanspark will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Danske Bank A S bought a new stake in shares of Cleanspark during the fourth quarter valued at approximately $25,000. Quarry LP purchased a new stake in shares of Cleanspark in the 3rd quarter worth about $26,000. Morse Asset Management Inc bought a new position in shares of Cleanspark in the 3rd quarter worth about $32,000. Strs Ohio bought a new stake in Cleanspark during the first quarter worth about $38,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Cleanspark by 5,081.0% in the third quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after purchasing an additional 2,947 shares during the period. Institutional investors 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.