Brokerages Set Cleanspark, Inc. (NASDAQ:CLSK) Price Target at $20.44

Cleanspark, Inc. (NASDAQ:CLSK) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.4423.

A number of research firms recently issued reports on CLSK. Needham & Company LLC raised their price target on Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. B. Riley Financial dropped their price target on Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. BTIG Research restated a “buy” rating and set a $26.00 price target on shares of Cleanspark in a research note on Tuesday, May 12th. Maxim Group raised their price target on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods raised their price target on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th.

Institutional Inflows and Outflows

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

Cleanspark Stock Performance

NASDAQ:CLSK opened at $15.97 on Monday. The stock’s 50 day moving average price is $11.44 and its 200 day moving average price is $11.70. The company has a market capitalization of $4.10 billion, a PE ratio of -7.60 and a beta of 3.71. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. Cleanspark has a 52-week low of $8.00 and a 52-week high of $23.61.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The firm had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.36 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company’s quarterly 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. On average, research analysts anticipate that Cleanspark will post -1.19 EPS for the current year.

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.