Cleanspark (NASDAQ:CLSK) Price Target Raised to $21.00 at Chardan Capital

Key Points

• Chardan Capital raised CleanSpark’s price target from $19 to $21 and maintained a “buy” rating, implying approximately 49.8% upside from the previous close.
• Analyst sentiment remains broadly positive, with CleanSpark receiving a consensus “Moderate Buy” rating and an average price target of $22.65; recent targets range as high as $26.
• CleanSpark reported a quarterly loss of $1.52 per share and revenue of $136.4 million, missing estimates, while revenue declined 24.9% year over year. Institutional investors own 43.12% of the company.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price objective hoisted by investment analysts at Chardan Capital from $19.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Chardan Capital's price objective points to a potential upside of 49.79% from the stock's previous close.

A number of other research analysts have also recently commented on CLSK. Needham & Company LLC upped their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Maxim Group lifted their price objective on shares of Cleanspark from $18.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. HC Wainwright reissued a "buy" rating on shares of Cleanspark in a research report on Tuesday, July 14th. Cantor Fitzgerald upped their target price on shares of Cleanspark from $17.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Cleanspark from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cleanspark presently has an average rating of "Moderate Buy" and a consensus target price of $22.65.

Cleanspark Price Performance

Shares of CLSK stock opened at $14.02 on Tuesday. The stock has a 50 day moving average price of $15.45 and a 200 day moving average price of $12.60. Cleanspark has a 52-week low of $8.00 and a 52-week high of $23.61. 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 firm has a market capitalization of $3.60 billion, a P/E ratio of -6.68 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing the consensus estimate of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. During the same period last year, the company earned ($0.49) EPS. The business's revenue was down 24.9% compared to the same quarter last year. As a group, sell-side analysts predict that Cleanspark will post -1.19 earnings per share for the current year.

Institutional Trading of Cleanspark

Several institutional investors and hedge funds have recently made changes to their positions in CLSK. New York State Teachers Retirement System lifted its position in shares of Cleanspark by 37.7% in 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 bought a new position in Cleanspark in the fourth quarter worth approximately $2,019,000. Benchmark Financial LLC bought a new position in Cleanspark in the fourth quarter worth approximately $1,255,000. Fiduciary Alliance LLC purchased a new stake in Cleanspark during the fourth quarter worth $2,203,000. Finally, Shariaportfolio Inc. lifted its holdings in Cleanspark by 41.2% during the fourth quarter. Shariaportfolio Inc. now owns 784,787 shares of the company's stock worth $7,942,000 after buying an additional 229,010 shares during the period. 43.12% of the stock is currently 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.