Cleanspark (NASDAQ:CLSK) Trading Down 4.6% - What's Next?

Key Points

• CleanSpark shares fell 4.6% to $12.36 in Friday trading, with volume dropping 90% below the stock’s average daily volume.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus rating and an average price target of $23.88; recent targets range from $21 to $27.
• The company reported a quarterly EPS loss of $0.89, missing estimates by $0.42, while revenue fell 30.5% year over year to $138.01 million.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) was down 4.6% on Friday . The stock traded as low as $12.21 and last traded at $12.36. 2,316,499 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 23,261,621 shares. The stock had previously closed at $12.95.

Analysts Set New Price Targets

CLSK has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Cleanspark from $16.00 to $25.00 and gave the company an "outperform" rating in a research note on Tuesday, July 28th. B. Riley Financial boosted their price objective on Cleanspark from $19.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Cantor Fitzgerald reiterated an "overweight" rating and set a $26.00 price target on shares of Cleanspark in a report on Friday, August 7th. Citizens Jmp began coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 price target for the company. Finally, Chardan Capital reiterated a "buy" rating and issued a $21.00 price objective on shares of Cleanspark in a research report on Monday, August 10th. 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 given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.88.

Cleanspark Stock Down 9.0%

The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91. The firm has a fifty day simple moving average of $13.57 and a 200 day simple moving average of $12.68. The company has a market cap of $3.03 billion, a PE ratio of -3.13 and a beta of 3.86.

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 analysts' consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The firm had revenue of $138.01 million for the quarter, compared to analysts' expectations of $142.37 million. During the same period last year, the firm posted $0.90 EPS. Cleanspark's revenue was down 30.5% on a year-over-year basis. Equities research analysts predict that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Markowski Investments purchased a new position in Cleanspark during the 2nd quarter worth approximately $25,000. Quarry LP purchased a new stake in Cleanspark in the 3rd quarter worth approximately $26,000. Morse Asset Management Inc bought a new stake in Cleanspark during the third quarter worth approximately $32,000. Danske Bank A S acquired a new position in shares of Cleanspark in the 4th quarter valued at $25,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of 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 buying an additional 2,947 shares in the last quarter. 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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