Brokerages Set Cleanspark, Inc. (NASDAQ:CLSK) Price Target at $23.88

Cleanspark, Inc. (NASDAQ:CLSK) has received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $23.8846.

Several equities research analysts recently weighed in on the company. BTIG Research reaffirmed a “buy” rating and set a $26.00 price target on shares of Cleanspark in a 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 company a “buy” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods upped their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a report on Friday, August 7th.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently added to or reduced their stakes in the company. Markowski Investments acquired a new position in Cleanspark during the 2nd quarter worth approximately $25,000. Quarry LP acquired a new stake in shares of Cleanspark in the 3rd quarter valued at approximately $26,000. Morse Asset Management Inc acquired a new stake in shares of Cleanspark in the 3rd quarter valued at approximately $32,000. Danske Bank A S purchased a new stake in shares of Cleanspark in the fourth quarter valued at approximately $25,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Cleanspark by 5,081.0% in the third 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 in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Stock Performance

Shares of CLSK opened at $11.66 on Wednesday. Cleanspark has a 12-month low of $8.00 and a 12-month high of $23.61. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34. The firm has a market cap of $2.99 billion, a PE ratio of -3.09 and a beta of 3.86. The company’s 50 day simple moving average is $13.46 and its 200-day simple moving average is $12.69.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data 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 analyst estimates of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, equities analysts predict that Cleanspark will post -1.4 EPS for the current year.

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.