Needham & Company LLC Issues Positive Forecast for Cleanspark (NASDAQ:CLSK) Stock Price

Key Points

• Needham & Company raised its Cleanspark price target to $18 (from $17) and maintains a "buy" rating, implying about a 47.9% upside from the prior close.
• Analyst sentiment is broadly positive with a consensus rating of Moderate Buy and a consensus price target of $20.29, though individual targets range roughly from $14 to $22.50 and ratings vary from Strong Buy to Sell.
• Large institutional buying has accelerated—major funds like Marex, Voloridge, Dimensional and Renaissance recently added sizable stakes—and institutions now own about 43.12% of the stock.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target increased by Needham & Company LLC from $17.00 to $18.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 47.90% from the stock's previous close.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald decreased their price objective on shares of Cleanspark from $17.00 to $14.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. B. Riley Financial dropped their price objective on shares of Cleanspark from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Wednesday, February 11th. Northland Securities assumed coverage on shares of Cleanspark in a research report on Tuesday, January 13th. They set an "outperform" rating and a $22.50 target price for the company. Keefe, Bruyette & Woods dropped their target price on shares of Cleanspark from $18.00 to $14.00 and set an "outperform" rating for the company in a research report on Monday, February 9th. Finally, Maxim Group initiated coverage on shares of Cleanspark in a research report on Thursday, January 8th. They issued a "buy" rating and a $22.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.29.

Cleanspark Price Performance

CLSK stock opened at $12.17 on Monday. Cleanspark has a 52-week low of $7.82 and a 52-week high of $23.61. The company's 50 day simple moving average is $10.25 and its 200-day simple moving average is $12.17. The company has a debt-to-equity ratio of 1.29, a current ratio of 10.54 and a quick ratio of 10.54. The firm has a market capitalization of $3.11 billion, a P/E ratio of -11.37 and a beta of 3.71.

Institutional Trading of Cleanspark

Several hedge funds have recently bought and sold shares of CLSK. Marex Group plc raised its holdings in Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company's stock worth $54,654,000 after buying an additional 5,377,976 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Cleanspark in the third quarter valued at approximately $56,056,000. Dimensional Fund Advisors LP raised its holdings in shares of Cleanspark by 80.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,779,062 shares of the company's stock valued at $78,731,000 after purchasing an additional 3,467,841 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Cleanspark in the fourth quarter valued at approximately $26,125,000. Finally, Situational Awareness LP acquired a new stake in shares of Cleanspark in the fourth quarter valued at approximately $16,601,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Company Profile

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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