Cleanspark (NASDAQ:CLSK) Shares Gap Up - Here's What Happened

Key Points

• CleanSpark shares opened sharply higher, rising from a prior close of $12.75 to $13.97 before trading at $12.39 on heavy volume of about 7.8 million shares.
• Analyst sentiment remains generally positive: the stock has a “Moderate Buy” consensus rating and an average price target of $23.88, with recent targets ranging from $26 to $27.
• The company’s latest quarterly results missed expectations, with an adjusted loss of $1.52 per share versus an anticipated loss of $0.25 and revenue down 24.9% year over year to $136.4 million.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $12.75, but opened at $13.97. Cleanspark shares last traded at $12.39, with a volume of 7,811,132 shares.

Analysts Set New Price Targets

CLSK has been the subject of several research reports. Weiss Ratings downgraded shares of Cleanspark from a "sell (d)" rating to a "sell (d-)" rating in a report on Friday, May 22nd. Zacks Research raised Cleanspark from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. B. Riley Financial boosted their price objective on Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a report on Monday. Cantor Fitzgerald restated an "overweight" rating and set a $26.00 target price on shares of Cleanspark in a report on Friday. Finally, Citizens Jmp assumed 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. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cleanspark currently has an average rating of "Moderate Buy" and an average price target of $23.88.

Cleanspark Price Performance

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 company has a market cap of $3.19 billion, a PE ratio of -5.94 and a beta of 3.86. The company's 50-day simple moving average is $15.01 and its 200 day simple moving average is $12.67.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). The company had revenue of $136.41 million for the quarter, compared to analysts' expectations 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 was down 24.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.49) EPS. On average, sell-side analysts predict that Cleanspark, Inc. will post -1.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleanspark

Several large investors have recently bought and sold shares of the stock. CoreCap Advisors LLC raised its holdings 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 during the last quarter. KBC Group NV raised its stake in Cleanspark by 10.7% during the 1st quarter. KBC Group NV now owns 8,574 shares of the company's stock valued at $73,000 after acquiring an additional 828 shares during the last quarter. Cresset Asset Management LLC raised its stake in Cleanspark by 4.9% during the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company's stock valued at $297,000 after acquiring an additional 1,248 shares during the last quarter. CreativeOne Wealth LLC lifted its position in Cleanspark by 11.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company's stock worth $245,000 after acquiring an additional 1,680 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Cleanspark by 1.5% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors 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.

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