ClearSign Technologies (NASDAQ:CLIR) Shares Cross Below 200 Day Moving Average – Here’s Why

ClearSign Technologies Corporation (NASDAQ:CLIR)’s share price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $4.17 and traded as low as $2.32. ClearSign Technologies shares last traded at $2.44, with a volume of 9,530 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of ClearSign Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, ClearSign Technologies currently has an average rating of “Hold” and an average price target of $20.00.

ClearSign Technologies Stock Performance

The company has a market capitalization of $15.91 million, a PE ratio of -2.57 and a beta of 1.31. The company’s 50-day moving average is $3.71 and its 200 day moving average is $4.16.

ClearSign Technologies (NASDAQ:CLIR) last issued its earnings results on Friday, August 14th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.03. The firm had revenue of $0.56 million for the quarter, compared to the consensus estimate of $0.61 million. ClearSign Technologies had a negative net margin of 96.07% and a negative return on equity of 58.08%. On average, analysts forecast that ClearSign Technologies Corporation will post -1.02 EPS for the current fiscal year.

Institutional Investors Weigh In On ClearSign Technologies

Institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new position in ClearSign Technologies in the 2nd quarter worth about $26,000. Rockefeller Capital Management L.P. grew its stake in shares of ClearSign Technologies by 801.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 81,209 shares of the technology company’s stock worth $45,000 after acquiring an additional 72,200 shares during the period. Citadel Advisors LLC bought a new stake in shares of ClearSign Technologies in the second quarter worth approximately $75,000. Finally, HighTower Advisors LLC bought a new stake in shares of ClearSign Technologies in the second quarter worth approximately $83,000. 24.03% of the stock is owned by hedge funds and other institutional investors.

About ClearSign Technologies

ClearSign Technologies Corporation develops technologies designed to improve the performance, efficiency, and environmental profile of industrial and commercial combustion systems. Its solutions are intended for applications such as process heaters, boilers, furnaces, and other equipment that uses burners to generate heat.

The company’s product portfolio includes ClearSign Core, a burner technology designed to reduce nitrogen oxide emissions while supporting efficient combustion, and ClearSign Eye, a combustion-monitoring and control technology intended to improve burner safety and operating performance.