Cleanspark, Inc. (NASDAQ:CLSK) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus on CleanSpark, with 13 buy ratings, one strong buy, one hold and one sell among 16 brokerages. The average 12-month price target is $23.88.
• Institutional investors own 43.12% of the company, with notable position increases from UBS Group and Situational Awareness LP, which expanded its holdings by 648.4%.
• CleanSpark’s latest quarter fell short of expectations, reporting an adjusted loss of $0.89 per share versus the $0.47 consensus estimate and revenue of $138.01 million, down 30.5% year over year.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) has earned an average rating of "Moderate Buy" from the sixteen brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $23.8846.

Several equities research analysts recently commented on CLSK shares. Zacks Research upgraded shares of Cleanspark from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. BTIG Research reiterated a "buy" rating and set a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, July 14th. B. Riley Financial boosted their target price on shares of Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Needham & Company LLC raised their target price on Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 11th.

Institutional Investors Weigh In On Cleanspark

Large investors have recently made changes to their positions in the company. New York State Teachers Retirement System lifted its position in Cleanspark by 37.7% in the fourth 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 stake in Cleanspark in the 4th quarter valued at $2,019,000. Assenagon Asset Management S.A. acquired a new position in shares of Cleanspark in the 2nd quarter valued at $5,521,000. UBS Group AG lifted its holdings in shares of Cleanspark by 81.1% during the 4th quarter. UBS Group AG now owns 3,579,166 shares of the company's stock worth $36,221,000 after acquiring an additional 1,602,830 shares during the period. Finally, Situational Awareness LP lifted its holdings in shares of Cleanspark by 648.4% during the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock worth $104,470,000 after acquiring an additional 10,635,739 shares during the period. Institutional investors own 43.12% of the company's stock.

Cleanspark Trading Up 6.9%

Shares of CLSK opened at $12.75 on Wednesday. The business's 50-day moving average price is $13.75 and its 200 day moving average price is $12.63. The stock has a market capitalization of $3.27 billion, a P/E ratio of -3.38 and a beta of 3.86. Cleanspark has a 1-year low of $8.00 and a 1-year high of $23.61. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The firm had revenue of $138.01 million for the quarter, compared to analysts' expectations of $142.37 million. During the same period in the prior year, the company posted $0.90 earnings per share. Cleanspark's quarterly revenue was down 30.5% compared to the same quarter last year. Analysts expect that Cleanspark will post -1.4 earnings per share for the current year.

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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