Cleanspark's (CLSK) Buy Rating Reiterated at Chardan Capital

Key Points

• Chardan Capital reaffirmed a Buy rating on CleanSpark and set a $21 price target, implying approximately 70.7% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $23.88; other firms have issued targets ranging from $25 to $27.
• CleanSpark’s latest quarter fell short of expectations: it reported an $0.89 per-share loss versus an expected $0.47 loss, while revenue declined 30.5% year over year to $138.01 million.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Chardan Capital in a report released on Monday,Benzinga reports. They presently have a $21.00 price target on the stock. Chardan Capital's target price suggests a potential upside of 70.73% from the company's previous close.

Several other research analysts have also commented on the company. HC Wainwright reissued a "buy" rating on shares of Cleanspark in a research report on Friday. BTIG Research reiterated a "buy" rating and issued a $26.00 price target on shares of Cleanspark in a research note on Tuesday, July 14th. Citizens Jmp began coverage on Cleanspark in a research note on Wednesday, June 24th. They set a "market outperform" rating and a $27.00 price target on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $26.00 price objective on shares of Cleanspark in a research report on Friday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cleanspark from $16.00 to $25.00 and gave the company an "outperform" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.88.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $12.30 on Monday. Cleanspark has a 1 year low of $8.00 and a 1 year high of $23.61. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11. The company has a market cap of $3.16 billion, a P/E ratio of -3.26 and a beta of 3.86. The firm has a 50-day simple moving average of $14.89 and a two-hundred day simple moving average of $12.66.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The company had revenue of $138.01 million during the quarter, compared to analysts' expectations of $142.37 million. During the same period in the prior year, the business earned $0.90 EPS. The company's quarterly revenue was down 30.5% on a year-over-year basis. Research analysts anticipate that Cleanspark will post -1.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in Cleanspark during the 3rd quarter worth about $26,000. Morse Asset Management Inc acquired a new position in shares of Cleanspark in the 3rd quarter valued at about $32,000. Danske Bank A S purchased a new stake in shares of Cleanspark in the fourth quarter worth about $25,000. CIBC Private Wealth Group LLC boosted its stake in shares of Cleanspark by 5,081.0% in 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 during the last quarter. Finally, Parallel Advisors LLC grew its holdings in Cleanspark by 2,019.6% during the third quarter. Parallel Advisors LLC now owns 3,900 shares of the company's stock worth $57,000 after acquiring an additional 3,716 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.

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