Cleanspark (NASDAQ:CLSK) Shares Gap Up - Should You Buy?

Key Points

• CleanSpark shares gapped up 6.6%, opening at $12.38 versus a prior close of $11.67, with approximately 5.35 million shares traded.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $23.88 average price target, supported by multiple buy ratings and recent target-price increases.
• Despite the optimism, CleanSpark reported a quarterly EPS loss of $0.89 versus expectations of a $0.47 loss, while revenue fell 30.5% year over year and the company posted a negative net margin of 146.9%.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $11.67, but opened at $12.38. Cleanspark shares last traded at $12.3140, with a volume of 5,349,225 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on CLSK. Chardan Capital restated a "buy" rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. B. Riley Financial boosted their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Citigroup began coverage on Cleanspark in a research note on Wednesday, June 24th. They issued an "outperform" rating on the stock. Finally, Maxim Group upped their price objective on Cleanspark from $18.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cleanspark presently has an average rating of "Moderate Buy" and a consensus target price of $23.88.

Cleanspark Stock Up 6.6%

The firm has a market capitalization of $3.19 billion, a P/E ratio of -3.30 and a beta of 3.86. The firm's 50 day moving average is $14.10 and its two-hundred day moving average is $12.60. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business's revenue was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Research analysts predict that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Danske Bank A S bought a new position in Cleanspark during the fourth quarter worth $25,000. Quarry LP bought a new position in shares of Cleanspark in the third quarter valued at about $26,000. Morse Asset Management Inc bought a new position in shares of Cleanspark in the third quarter valued at about $32,000. Strs Ohio acquired a new stake in shares of Cleanspark during the 1st quarter worth about $38,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Cleanspark by 5,081.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company's stock worth $44,000 after buying an additional 2,947 shares during the last quarter. 43.12% of the stock is 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.

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