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

Chardan Capital reiterated their buy rating on shares of Cleanspark (NASDAQ:CLSK - Free Report) in a research report released on Tuesday morning,Benzinga reports. Chardan Capital currently has a $20.00 price target on the stock. Chardan Capital also issued estimates for Cleanspark's FY2026 earnings at $1.09 EPS.

Several other research firms have also recently weighed in on CLSK. JPMorgan Chase & Co. lifted their price target on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Friday, June 13th. BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, B. Riley started coverage on Cleanspark in a research note on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $20.38.

Cleanspark Stock Performance

NASDAQ:CLSK traded down $0.25 during mid-day trading on Tuesday, hitting $12.65. 33,689,208 shares of the stock were exchanged, compared to its average volume of 27,996,323. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -13.18 and a beta of 4.23. The firm's 50-day simple moving average is $9.95 and its 200 day simple moving average is $9.39. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $20.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business's revenue for the quarter was up 62.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.59 earnings per share. On average, analysts predict that Cleanspark will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director owned 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently modified their holdings of CLSK. CX Institutional bought a new position in shares of Cleanspark in the 1st quarter valued at $26,000. Strs Ohio bought a new position in shares of Cleanspark in the 1st quarter valued at $38,000. Quarry LP bought a new position in shares of Cleanspark in the 1st quarter valued at $47,000. Russell Investments Group Ltd. increased its stake in shares of Cleanspark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Cleanspark in the 1st quarter valued at $68,000. Institutional investors own 43.12% of the company's stock.

About Cleanspark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.