Cleanspark’s (CLSK) “Buy” Rating Reiterated at BTIG Research

Cleanspark (NASDAQ:CLSK)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $26.00 target price on the stock. BTIG Research’s price objective points to a potential upside of 92.46% from the company’s previous close.

A number of other equities analysts have also recently commented on CLSK. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research note on Friday. Weiss Ratings cut shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Chardan Capital reaffirmed a “buy” rating and set a $19.00 price objective on shares of Cleanspark in a report on Wednesday, July 8th. Needham & Company LLC upped their target price on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Finally, Maxim Group increased their target price on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.12.

Cleanspark Price Performance

Shares of CLSK traded up $1.15 during trading hours on Tuesday, reaching $13.51. 26,464,773 shares of the company’s stock traded hands, compared to its average volume of 23,219,037. Cleanspark has a 12 month low of $8.00 and a 12 month high of $23.61. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The stock has a market cap of $3.47 billion, a PE ratio of -6.36 and a beta of 3.83. The firm’s 50 day simple moving average is $15.35 and its 200-day simple moving average is $12.38.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($1.27). The company 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 firm’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.49) earnings per share. Equities analysts expect that Cleanspark will post -1.19 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in shares of Cleanspark in the 1st quarter worth approximately $68,000. Caxton Associates LLP bought a new position in shares of Cleanspark during the 1st quarter valued at $169,000. United Services Automobile Association bought a new position in shares of Cleanspark during the 1st quarter valued at $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cleanspark by 16.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after purchasing an additional 86,229 shares during the period. Finally, Strs Ohio purchased a new position in Cleanspark in the 1st quarter worth $38,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.