Cleanspark (NASDAQ:CLSK) Trading 8.1% Higher – Time to Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price rose 8.1% during mid-day trading on Thursday . The company traded as high as $13.03 and last traded at $13.1640. 4,047,268 shares changed hands during trading, a decline of 83% from the average daily volume of 23,298,809 shares. The stock had previously closed at $12.18.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Weiss Ratings raised shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Citizens Jmp initiated coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price target for the company. Keefe, Bruyette & Woods raised their price target on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. Finally, 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. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.88.

Cleanspark Trading Down 10.0%

The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11. The firm has a fifty day simple moving average of $13.46 and a 200-day simple moving average of $12.67. The firm has a market cap of $2.99 billion, a P/E ratio of -3.09 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $142.37 million. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue was down 30.5% compared to the same quarter last year. On average, equities research analysts expect that Cleanspark, Inc. will post -1.4 earnings per share for the current year.

Institutional Trading of Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Teachers Retirement System grew its holdings in shares of Cleanspark by 37.7% during the fourth quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock valued at $3,458,000 after buying an additional 93,649 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Cleanspark in the fourth quarter valued at about $2,019,000. Assenagon Asset Management S.A. bought a new position in shares of Cleanspark during the 2nd quarter valued at approximately $5,521,000. UBS Group AG grew its position in shares of Cleanspark by 81.1% during the 4th quarter. UBS Group AG now owns 3,579,166 shares of the company’s stock valued at $36,221,000 after acquiring an additional 1,602,830 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.