Cleanspark, Inc. (NASDAQ:CLSK) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is broadly positive: Sixteen analysts give CleanSpark an average “Moderate Buy” rating, including 13 buys and one strong buy. The average 12-month price target is $23.35, with recent targets ranging from $23 to $27.
• Institutional ownership remains significant: Hedge funds and institutional investors own 43.12% of CleanSpark, with UBS Asset Management increasing its stake by 16.8% during the first quarter.
• Recent financial results were weak: CleanSpark reported a quarterly loss of $1.52 per share versus the expected $0.25 loss, while revenue of $136.4 million fell short of estimates and declined 24.9% year over year.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) have received an average rating of "Moderate Buy" from the sixteen analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $23.3462.

A number of equities analysts have issued reports on the company. Weiss Ratings cut Cleanspark from a "sell (d)" rating to a "sell (d-)" rating in a report on Friday, May 22nd. Keefe, Bruyette & Woods boosted their price target on Cleanspark from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Tuesday. Cantor Fitzgerald boosted their price target on Cleanspark from $17.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Needham & Company LLC upped their price objective on Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Citizens Jmp began coverage on Cleanspark in a report on Wednesday, June 24th. They set a "market outperform" rating and a $27.00 price objective for the company.

Hedge Funds Weigh In On Cleanspark

A number of large investors have recently bought and sold shares of CLSK. Integrated Wealth Concepts LLC acquired a new stake in shares of Cleanspark in the first quarter valued at approximately $68,000. Caxton Associates LLP bought a new stake in shares of Cleanspark in the first quarter worth $169,000. United Services Automobile Association acquired a new position in Cleanspark during the first quarter worth $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Cleanspark by 16.8% during 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 worth $4,025,000 after purchasing an additional 86,229 shares during the last quarter. Finally, Strs Ohio bought a new position in Cleanspark in the first quarter valued at $38,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Price Performance

NASDAQ CLSK opened at $13.76 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 stock has a market cap of $3.53 billion, a price-to-earnings ratio of -6.55 and a beta of 3.83. The business has a 50 day simple moving average of $15.29 and a 200 day simple moving average of $12.64. Cleanspark has a 52-week low of $8.00 and a 52-week high of $23.61.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). The company had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.35 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company's revenue was down 24.9% on a year-over-year basis. During the same quarter in the previous 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.

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.

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