Keefe, Bruyette & Woods Raises Cleanspark (NASDAQ:CLSK) Price Target to $25.00

Key Points

• Keefe, Bruyette & Woods raised CleanSpark’s price target from $16 to $25 and maintained an “outperform” rating, implying 87.53% upside from the previous close.
• Analyst sentiment is broadly positive: CleanSpark has an average “Moderate Buy” rating and a consensus price target of $23.35, supported by recent target increases from several firms.
• Despite the optimistic outlook, the stock fell 4.9% to $13.33, while the company’s latest quarterly results missed expectations, with a $1.52 per-share loss and revenue down 24.9% year over year.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target upped by equities researchers at Keefe, Bruyette & Woods from $16.00 to $25.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 87.53% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Maxim Group upped their price objective on shares of Cleanspark from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Cantor Fitzgerald upped their price target on Cleanspark from $17.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Chardan Capital raised their price objective on Cleanspark from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday. Zacks Research upgraded Cleanspark from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Finally, Weiss Ratings cut Cleanspark from a "sell (d)" rating to a "sell (d-)" rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cleanspark has an average rating of "Moderate Buy" and an average target price of $23.35.

Cleanspark Stock Down 4.9%

Shares of Cleanspark stock traded down $0.69 during trading on Tuesday, hitting $13.33. 14,337,646 shares of the stock traded hands, compared to its average volume of 23,651,877. The stock has a market cap of $3.42 billion, a P/E ratio of -6.39 and a beta of 3.83. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. Cleanspark has a twelve month low of $8.00 and a twelve month high of $23.61. The company has a fifty day moving average price of $15.45 and a two-hundred day moving average price of $12.60.

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

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System lifted its stake 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 valued at $3,458,000 after acquiring an additional 93,649 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in Cleanspark in the 4th quarter worth approximately $2,019,000. Benchmark Financial LLC bought a new position in shares of Cleanspark in the fourth quarter worth approximately $1,255,000. Fiduciary Alliance LLC bought a new stake in Cleanspark during the fourth quarter worth about $2,203,000. Finally, Shariaportfolio Inc. increased its position in shares of Cleanspark by 41.2% during the 4th quarter. Shariaportfolio Inc. now owns 784,787 shares of the company's stock valued at $7,942,000 after purchasing an additional 229,010 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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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