Cleanspark (NASDAQ:CLSK) Trading 7.2% Higher - What's Next?

Key Points

• CleanSpark shares rose 7.2% to $13.7190 in Friday trading, although volume was roughly 90% below the average session volume.
• Wall Street remains broadly bullish: analysts give the stock a consensus “Moderate Buy” rating with an average price target of $23.88.
• The company’s latest quarter was weaker than expected, with an EPS loss of $0.89 versus the $0.47 consensus estimate and revenue down 30.5% year over year to $138.01 million. An insider also sold 25,249 shares, while institutional investors own 43.12% of the stock.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) rose 7.2% on Friday . The company traded as high as $13.38 and last traded at $13.7190. 2,241,261 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 22,861,535 shares. The stock had previously closed at $12.80.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several recent research reports. HC Wainwright reissued a "buy" rating on shares of Cleanspark in a research report on Friday, August 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $26.00 target price on shares of Cleanspark in a report on Friday, August 7th. Citigroup initiated coverage on Cleanspark in a research note on Wednesday, June 24th. They set an "outperform" rating for the company. Chardan Capital restated a "buy" rating and set a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Finally, Needham & Company LLC boosted their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. One equities 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. Based on data from MarketBeat, Cleanspark presently has an average rating of "Moderate Buy" and a consensus price target of $23.88.

Cleanspark Stock Up 7.9%

The stock has a market capitalization of $3.55 billion, a P/E ratio of -3.66 and a beta of 3.84. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34. The stock's 50-day moving average price is $12.91 and its two-hundred day moving average price is $12.86.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The business had revenue of $138.01 million for the quarter, compared to analysts' expectations 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 quarterly revenue was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. As a group, research analysts expect that Cleanspark, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Activity

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the company's stock in a transaction dated 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 owned 236,114 shares of the company's stock, valued at $3,149,760.76. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders have sold 29,816 shares of company stock worth $394,352. 2.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleanspark

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

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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