Chardan Capital Reaffirms “Buy” Rating for Cleanspark (NASDAQ:CLSK)

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reiterated by Chardan Capital in a research report issued on Wednesday,Benzinga reports. They currently have a $30.00 price target on the stock. Chardan Capital’s price target suggests a potential upside of 150.21% from the stock’s current price.

A number of other equities research analysts have also commented on the company. Sanford C. Bernstein raised their price objective on Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Macquarie reduced their price target on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research report on Wednesday, November 26th. Needham & Company LLC raised their price target on shares of Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Cleanspark in a research report on Wednesday, November 26th. Finally, BTIG Research upped their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Cleanspark currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.10.

Cleanspark Stock Performance

Shares of Cleanspark stock opened at $11.99 on Wednesday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.06 billion, a PE ratio of 10.80 and a beta of 3.47. The business has a fifty day simple moving average of $12.82 and a 200-day simple moving average of $12.92.

Insider Buying and Selling

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total value of $495,660.00. Following the completion of the sale, the director directly owned 107,289 shares of the company’s stock, valued at $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total transaction of $997,332.35. Following the transaction, the director owned 41,421 shares in the company, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Cleanspark

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Cleanspark by 3.0% in the third quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company’s stock worth $377,752,000 after buying an additional 769,148 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cleanspark by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company’s stock valued at $83,139,000 after acquiring an additional 101,401 shares in the last quarter. Invesco Ltd. raised its stake in shares of Cleanspark by 22.1% in the 3rd quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after acquiring an additional 810,203 shares in the last quarter. Tidal Investments LLC lifted its holdings in Cleanspark by 13.3% in the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock worth $63,313,000 after purchasing an additional 514,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Cleanspark by 57.0% during the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after purchasing an additional 1,564,761 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.