Cleanspark (NASDAQ:CLSK) Coverage Initiated by Analysts at Citizens Jmp

Analysts at Citizens Jmp assumed coverage on shares of Cleanspark (NASDAQ:CLSK) in a research report issued to clients and investors on Wednesday. The brokerage set an “outperform” rating and a $27.00 price target on the stock. Citizens Jmp’s price target suggests a potential upside of 57.07% from the company’s current price.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald decreased their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Maxim Group increased their target price on shares of Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. BTIG Research reissued a “buy” rating and set a $26.00 target price on shares of Cleanspark in a research report on Tuesday, May 12th. Weiss Ratings cut shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Finally, Zacks Research downgraded shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.12.

Cleanspark Price Performance

CLSK stock opened at $17.19 on Wednesday. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. Cleanspark has a 52 week low of $8.00 and a 52 week high of $23.61. The company has a fifty day simple moving average of $14.78 and a two-hundred day simple moving average of $12.31. The firm has a market capitalization of $4.41 billion, a P/E ratio of -8.19 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last issued 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). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period in the previous year, the firm earned ($0.49) earnings per share. The company’s revenue was down 24.9% compared to the same quarter last year. Analysts anticipate that Cleanspark will post -1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleanspark

Several institutional investors and hedge funds have recently modified their holdings of CLSK. Bank of America Corp DE grew its position in Cleanspark by 49.2% during the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after buying an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC boosted its holdings in Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after buying an additional 770,000 shares during the last quarter. Situational Awareness LP increased its stake in 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 buying an additional 10,635,739 shares in the last quarter. Feynman Point Asset Management LLC increased its stake in Cleanspark by 20.6% during the 1st quarter. Feynman Point Asset Management LLC now owns 213,300 shares of the company’s stock worth $1,815,000 after buying an additional 36,500 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Cleanspark by 11.4% in the 1st quarter. California State Teachers Retirement System now owns 300,688 shares of the company’s stock valued at $2,559,000 after purchasing an additional 30,663 shares during the last quarter. 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.