Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Cleanspark (NASDAQ:CLSK) Stock

Cleanspark (NASDAQ:CLSK) had its target price lifted by analysts at Keefe, Bruyette & Woods from $16.00 to $25.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 87.53% from the stock’s previous close.

A number of other research firms have also weighed in on CLSK. Cantor Fitzgerald increased their price objective on shares of Cleanspark from $17.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Tuesday, July 14th. Citigroup assumed coverage on Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating for the company. Maxim Group boosted their target price on shares of Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings downgraded shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued 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, Cleanspark currently has an average rating of “Moderate Buy” and a consensus target price of $23.35.

Cleanspark Trading Down 4.9%

Shares of NASDAQ CLSK traded down $0.69 during midday trading on Tuesday, reaching $13.33. The company had a trading volume of 14,337,646 shares, compared to its average volume of 23,651,877. The firm’s fifty day moving average price is $15.45 and its 200-day moving average price is $12.60. 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 one year low of $8.00 and a one year high of $23.61. The stock has a market cap of $3.42 billion, a PE ratio of -6.39 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results 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 firm had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.49) earnings per share. On average, equities research analysts anticipate that Cleanspark will post -1.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC grew its stake in shares of Cleanspark by 16.8% in the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock valued at $81,000 after buying an additional 800 shares in the last quarter. KBC Group NV increased its stake in Cleanspark by 10.7% during the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares during the period. Cresset Asset Management LLC lifted its position in shares of Cleanspark by 4.9% during the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock worth $297,000 after purchasing an additional 1,248 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in shares of Cleanspark by 11.0% in the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock valued at $245,000 after purchasing an additional 1,680 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of Cleanspark by 1.5% in the third quarter. Franklin Resources Inc. now owns 117,823 shares of the company’s stock valued at $1,708,000 after purchasing an additional 1,727 shares in 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.