Cleanspark (NASDAQ:CLSK) Earns "Buy" Rating from Chardan Capital

Key Points

• Chardan Capital reiterated a "Buy" on Cleanspark with a $16 price target, implying about a 76.6% upside from the recent $9.06 share price.
• Analyst consensus remains positive with an average rating of "Moderate Buy" and an average target of $20.60, based on 1 Strong Buy, 12 Buy, 1 Hold and 1 Sell.
• Institutional ownership stands at 43.12%, and major funds like Vanguard, Dimensional and Marex meaningfully increased their stakes recently, signaling growing institutional interest.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Chardan Capital in a research note issued on Wednesday,Benzinga reports. They currently have a $16.00 target price on the stock. Chardan Capital's price objective indicates a potential upside of 76.60% from the company's current price.

Several other brokerages have also recently commented on CLSK. Cantor Fitzgerald reduced their target price on Cleanspark from $21.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, February 6th. Northland Securities began coverage on Cleanspark in a research report on Tuesday, January 13th. They issued an "outperform" rating and a $22.50 target price for the company. B. Riley Financial cut their price objective on Cleanspark from $22.00 to $19.00 and set a "buy" rating for the company in a report on Wednesday, February 11th. Weiss Ratings cut Cleanspark from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, February 9th. Finally, Zacks Research raised Cleanspark from a "strong sell" rating to a "hold" rating in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.60.

Cleanspark Stock Down 0.4%

Shares of CLSK stock opened at $9.06 on Wednesday. The stock has a market cap of $2.32 billion, a P/E ratio of -8.47 and a beta of 3.53. Cleanspark has a one year low of $6.51 and a one year high of $23.61. The stock has a fifty day moving average price of $9.86 and a 200 day moving average price of $12.76. The company has a debt-to-equity ratio of 1.29, a current ratio of 10.54 and a quick ratio of 10.54.

Hedge Funds Weigh In On Cleanspark

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Cleanspark by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company's stock valued at $377,752,000 after purchasing an additional 769,148 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cleanspark by 80.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,779,062 shares of the company's stock valued at $78,731,000 after purchasing an additional 3,467,841 shares during the last quarter. Marex Group plc lifted its position in Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company's stock worth $54,654,000 after buying an additional 5,377,976 shares in the last quarter. Invesco Ltd. lifted its position in Cleanspark by 22.1% during the 3rd quarter. Invesco Ltd. now owns 4,482,527 shares of the company's stock worth $64,997,000 after buying an additional 810,203 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in Cleanspark by 13.3% during the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company's stock worth $63,313,000 after buying an additional 514,062 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.