Cleanspark (NASDAQ:CLSK) Price Target Raised to $23.00

Cleanspark (NASDAQ:CLSK) had its target price boosted by Needham & Company LLC from $18.00 to $23.00 in a research report released on Wednesday morning, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. Citizens Jmp assumed coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective on the stock. Chardan Capital reiterated a “buy” rating and issued a $19.00 target price on shares of Cleanspark in a research note on Wednesday, July 8th. Citigroup began coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued an “outperform” rating for the company. Keefe, Bruyette & Woods increased their price target on shares of Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Finally, HC Wainwright restated a “buy” rating on shares of Cleanspark in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cleanspark currently has an average rating of “Moderate Buy” and a consensus price target of $22.34.

Cleanspark Stock Performance

Shares of NASDAQ CLSK opened at $13.03 on Wednesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. Cleanspark has a one year low of $8.00 and a one year high of $23.61. The business’s 50-day moving average price is $15.30 and its two-hundred day moving average price is $12.43. The company has a market capitalization of $3.34 billion, a P/E ratio of -6.20 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share 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 $145.35 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period last year, the business earned ($0.49) earnings per share. Analysts anticipate that Cleanspark will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System increased its holdings in shares of Cleanspark by 37.7% during the 4th quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock worth $3,458,000 after purchasing an additional 93,649 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in shares of Cleanspark during the fourth quarter valued at about $2,019,000. Benchmark Financial LLC bought a new stake in shares of Cleanspark in the fourth quarter valued at about $1,255,000. Tudor Investment Corp ET AL lifted its stake in shares of Cleanspark by 496.7% in the third quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock valued at $25,118,000 after buying an additional 1,441,939 shares during the period. Finally, Fiduciary Alliance LLC acquired a new stake in Cleanspark during the fourth quarter worth about $2,203,000. 43.12% of the stock is 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.