Cleanspark (NASDAQ:CLSK) Stock Price Up 9.7% – Time to Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price traded up 9.7% during trading on Monday . The company traded as high as $13.96 and last traded at $13.8480. Approximately 7,555,144 shares traded hands during trading, a decline of 68% from the average session volume of 23,560,502 shares. The stock had previously closed at $12.62.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Maxim Group lifted their price target on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. BTIG Research restated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a report on Tuesday, May 12th. Weiss Ratings cut shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, May 22nd. Chardan Capital upped their target price on shares of Cleanspark from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Finally, Citizens Jmp assumed coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cleanspark presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.12.

Cleanspark Stock Up 8.4%

The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The business has a 50 day simple moving average of $15.28 and a 200-day simple moving average of $12.34. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -6.52 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The firm had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.35 million. During the same period in the previous year, the firm posted ($0.49) EPS. The company’s revenue was down 24.9% compared to the same quarter last year. On average, equities analysts expect that Cleanspark, Inc. will post -1.19 EPS for the current year.

Institutional Trading of Cleanspark

Several hedge funds have recently made changes to their positions in CLSK. Integrated Wealth Concepts LLC purchased a new stake in shares of Cleanspark during the 1st quarter valued at approximately $68,000. Caxton Associates LLP acquired a new stake in Cleanspark during the first quarter worth $169,000. United Services Automobile Association purchased a new stake in Cleanspark in the first quarter valued at $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after purchasing an additional 86,229 shares during the period. Finally, Strs Ohio acquired a new position in shares of Cleanspark in the 1st quarter valued at $38,000. Hedge funds and other 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.