Cleanspark (NASDAQ:CLSK) Shares Down 8.9% - Time to Sell?

Key Points

• CleanSpark shares fell 8.9% to approximately $12.28, with trading volume substantially below its average. The stock remains highly volatile, with a beta of 3.83.
• Despite the decline, analysts maintain a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $23.35, with recent targets ranging from $21 to $27.
• The company’s latest quarter showed significant weakness, including a $1.52 per-share loss versus an expected $0.25 loss and a 24.9% year-over-year revenue decline. CleanSpark posted a negative net margin of 67.66%.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) fell 8.9% on Wednesday . The company traded as low as $12.59 and last traded at $12.2830. 3,808,936 shares traded hands during trading, a decline of 84% from the average daily volume of 23,557,906 shares. The stock had previously closed at $13.48.

Analyst Ratings Changes

CLSK has been the subject of several recent research reports. Weiss Ratings cut Cleanspark from a "sell (d)" rating to a "sell (d-)" rating in a report on Friday, May 22nd. Chardan Capital upped their target price on Cleanspark from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday. Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 target price for the company. Cantor Fitzgerald lifted their price target on shares of Cleanspark from $17.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, HC Wainwright restated a "buy" rating on shares of Cleanspark in a research note on Tuesday, July 14th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.35.

Cleanspark Stock Performance

The firm has a market capitalization of $3.08 billion, a P/E ratio of -5.73 and a beta of 3.83. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The stock has a 50-day moving average of $15.43 and a 200 day moving average of $12.62.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. During the same period in the prior year, the firm earned ($0.49) earnings per share. The business's quarterly revenue was down 24.9% compared to the same quarter last year. On average, research analysts anticipate that Cleanspark, Inc. will post -1.19 earnings per share for the current year.

Institutional Trading of Cleanspark

Several hedge funds have recently modified their holdings of CLSK. Danske Bank A S bought a new position in Cleanspark in the 4th quarter worth approximately $25,000. Quarry LP bought a new position in Cleanspark in the 3rd quarter valued at $26,000. Morse Asset Management Inc acquired a new stake in shares of Cleanspark in the 3rd quarter valued at $32,000. Strs Ohio bought a new stake in shares of Cleanspark during the first quarter worth $38,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Cleanspark by 5,081.0% during the third quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company's stock valued at $44,000 after acquiring an additional 2,947 shares during the period. 43.12% of the stock is owned by institutional investors.

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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