Cleanspark (NASDAQ:CLSK) Shares Up 7.4% - Here's What Happened

Key Points

• CleanSpark shares rose 7.4% to about $13.45 in midday trading, though volume was 85% below the stock’s average daily level.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.88; individual targets range from $21 to $27.
• The company’s latest quarter was weaker than expected: CleanSpark reported an $0.89 adjusted loss per share, revenue of $138.01 million, and a 30.5% year-over-year revenue decline. Meanwhile, an executive sold 25,249 shares, and insiders have sold about $435,000 in stock over the past 90 days.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price shot up 7.4% during mid-day trading on Friday. The stock traded as high as $13.46 and last traded at $13.4470. 3,257,161 shares were traded during trading, a decline of 85% from the average daily volume of 22,449,334 shares. The stock had previously closed at $12.52.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CLSK shares. HC Wainwright reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, August 7th. Chardan Capital reissued a "buy" rating and set a $21.00 target price on shares of Cleanspark in a research note on Monday, August 10th. Needham & Company LLC boosted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Citizens Jmp began coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 price objective on the stock. Finally, Citigroup assumed coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.88.

Cleanspark Price Performance

The company's 50 day moving average is $12.94 and its 200 day moving average is $13.25. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -3.31 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its 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 business 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 period in the previous year, the firm earned $0.90 earnings per share. Research analysts anticipate that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the transaction, the chief operating officer directly owned 236,114 shares of the company's stock, valued at approximately $3,149,760.76. The trade was a 9.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 33,151 shares of company stock valued at $435,473. Insiders own 2.08% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Markowski Investments purchased a new position in shares of Cleanspark in the second quarter valued at $25,000. Hantz Financial Services Inc. lifted its position in Cleanspark by 174.8% during the fourth quarter. Hantz Financial Services Inc. now owns 4,804 shares of the company's stock worth $49,000 after buying an additional 3,056 shares during the period. Versant Capital Management Inc boosted its position in shares of Cleanspark by 229.0% in the third quarter. Versant Capital Management Inc now owns 4,939 shares of the company's stock worth $64,000 after acquiring an additional 3,438 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company's stock valued at $76,000 after buying an additional 1,822 shares during the period. Finally, CoreCap Advisors LLC increased its holdings in shares of Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company's stock worth $81,000 after buying an additional 800 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.

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