Cleanspark, Inc. (NASDAQ:CLSK) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Cleanspark, Inc. (NASDAQ:CLSK) have been given an average recommendation of “Moderate Buy” by the fifteen research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $20.6731.

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Needham & Company LLC boosted their price target on Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 4th. Maxim Group boosted their price target on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Cantor Fitzgerald decreased their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, BTIG Research reissued a “buy” rating and issued a $26.00 price target on shares of Cleanspark in a report on Tuesday, May 12th.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $16.17 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The company has a market cap of $4.15 billion, a PE ratio of -7.70 and a beta of 3.79. The business has a 50-day simple moving average of $13.54 and a two-hundred day simple moving average of $12.10. Cleanspark has a fifty-two week low of $8.00 and a fifty-two week high of $23.61.

Cleanspark (NASDAQ:CLSK) last released its earnings results 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 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 analyst estimates of $145.36 million. During the same period last year, the firm earned ($0.49) EPS. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. As a group, equities analysts expect that Cleanspark will post -1.19 EPS for the current fiscal year.

Institutional Trading of Cleanspark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Integrated Wealth Concepts LLC purchased a new stake in shares of Cleanspark in the first quarter valued at approximately $68,000. Caxton Associates LLP purchased a new stake in shares of Cleanspark in the first quarter valued at approximately $169,000. United Services Automobile Association purchased a new stake in shares of Cleanspark in the first quarter valued at approximately $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after buying an additional 86,229 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Cleanspark in the first quarter valued at approximately $38,000. 43.12% of the stock is currently owned by hedge funds and other 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.