Analysts Set Cleanspark, Inc. (NASDAQ:CLSK) Target Price at $20.67

Cleanspark, Inc. (NASDAQ:CLSK) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $20.6731.

A number of research firms recently issued reports on CLSK. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Needham & Company LLC lifted their target price on Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Maxim Group lifted their target price on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. BTIG Research reaffirmed a “buy” rating and set a $26.00 target price on shares of Cleanspark in a report on Tuesday, May 12th. Finally, Cantor Fitzgerald lowered their target price on Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $17.24 on Friday. 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 1.81, a current ratio of 8.26 and a quick ratio of 8.26. The business’s fifty day moving average price is $14.35 and its two-hundred day moving average price is $12.24. The firm has a market capitalization of $4.42 billion, a PE ratio of -8.21 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.36 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period last year, the business posted ($0.49) earnings per share. On average, research analysts expect that Cleanspark will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. Hantz Financial Services Inc. boosted its position in Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares during the period. Danske Bank A S acquired a new stake in shares of Cleanspark during the 4th quarter valued at about $25,000. Quarry LP acquired a new stake in shares of Cleanspark during the 3rd quarter valued at about $26,000. Morse Asset Management Inc acquired a new stake in shares of Cleanspark during the 3rd quarter valued at about $32,000. Finally, Strs Ohio acquired a new stake in shares of Cleanspark during the 1st quarter valued at about $38,000. Institutional investors and hedge funds 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.