Cleanspark (NASDAQ:CLSK) Given Buy Rating at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Cleanspark (NASDAQ:CLSK) in a research report sent to investors on Wednesday,Benzinga reports. Chardan Capital currently has a $19.00 price target on the stock.

Several other equities research analysts also recently weighed in on CLSK. Citizens Jmp initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price target for the company. Citigroup started coverage on shares of Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating on the stock. Cantor Fitzgerald decreased their price objective on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Weiss Ratings lowered shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Finally, Needham & Company LLC lifted their target price on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Cleanspark has an average rating of “Moderate Buy” and a consensus target price of $21.12.

Cleanspark Stock Performance

Shares of CLSK opened at $12.40 on Wednesday. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a market cap of $3.18 billion, a PE ratio of -5.90 and a beta of 3.83. Cleanspark has a 12 month low of $8.00 and a 12 month high of $23.61. The stock has a fifty day moving average price of $15.30 and a 200-day moving average price of $12.36.

Cleanspark (NASDAQ:CLSK) last announced its earnings results on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.35 million. During the same quarter last year, the firm earned ($0.49) earnings per share. The firm’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts predict that Cleanspark will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Danske Bank A S acquired a new position in Cleanspark in the fourth quarter valued at approximately $25,000. Quarry LP purchased a new position in shares of Cleanspark during the 3rd quarter valued at approximately $26,000. Morse Asset Management Inc acquired a new position in shares of Cleanspark in the 3rd quarter valued at $32,000. Strs Ohio acquired a new position in shares of Cleanspark in the 1st quarter valued at $38,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Cleanspark by 5,081.0% during the third quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after buying an additional 2,947 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.