Cleanspark (NASDAQ:CLSK) Trading 9.4% Higher - Here's Why

Key Points

• CleanSpark shares rose 9.4% to $12.40 in mid-day trading, although volume was about 66% below the average session level.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $23.88; several firms recently maintained or raised targets between $21 and $26.
• The latest quarter was weaker than expected: CleanSpark reported an adjusted loss of $0.89 per share versus the $0.47 loss consensus, while revenue fell 30.5% year over year to $138.01 million.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) traded up 9.4% during mid-day trading on Thursday . The company traded as high as $12.40 and last traded at $12.40. Approximately 7,887,619 shares were traded during trading, a decline of 66% from the average session volume of 23,045,881 shares. The stock had previously closed at $11.33.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several research analyst reports. Maxim Group upped their price objective on shares of Cleanspark from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. BTIG Research reissued a "buy" rating and set a $26.00 target price on shares of Cleanspark in a research note on Tuesday, July 14th. Weiss Ratings upgraded shares of Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Chardan Capital reaffirmed a "buy" rating and issued a $21.00 price target on shares of Cleanspark in a research note on Monday, August 10th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $26.00 price objective on shares of Cleanspark in a report on Friday, August 7th. One equities research 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 given a Sell rating to the company's stock. According to MarketBeat.com, Cleanspark has a consensus rating of "Moderate Buy" and an average price target of $23.88.

Cleanspark Trading Up 9.7%

The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. The firm's 50-day simple moving average is $13.12 and its 200 day simple moving average is $12.72. The stock has a market capitalization of $3.19 billion, a P/E ratio of -3.30 and a beta of 3.84.

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

Institutional Investors Weigh In On Cleanspark

Institutional investors have recently made changes to their positions in the company. Danske Bank A S bought a new position in Cleanspark during the fourth quarter valued at approximately $25,000. Markowski Investments acquired a new position in shares of Cleanspark during the 2nd quarter worth $25,000. Quarry LP acquired a new position in shares of Cleanspark during the 3rd quarter worth $26,000. Morse Asset Management Inc bought a new position in shares of Cleanspark during the 3rd quarter valued at $32,000. Finally, Strs Ohio bought a new position in shares of Cleanspark during the 1st quarter valued at $38,000. 43.12% of the stock is currently 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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