Cleanspark (NASDAQ:CLSK) Stock Price Down 8.9% – Time to Sell?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) dropped 8.9% during trading on Wednesday . The company traded as low as $12.59 and last traded at $12.2830. 3,808,936 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 23,557,906 shares. The stock had previously closed at $13.48.

Wall Street Analyst Weigh In

CLSK has been the topic of a number of research reports. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Needham & Company LLC boosted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Cantor Fitzgerald increased their price objective on shares of Cleanspark from $17.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Citizens Jmp initiated coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective on the stock. Finally, Citigroup began coverage on shares of Cleanspark in a report on Wednesday, June 24th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.35.

Cleanspark Stock Down 10.9%

The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm’s fifty day moving average price is $15.43 and its 200-day moving average price is $12.62. The company has a market cap of $3.08 billion, a price-to-earnings ratio of -5.73 and a beta of 3.83.

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

Hedge Funds Weigh In On Cleanspark

Institutional investors have recently modified their holdings of the business. Situational Awareness LP grew its position in shares of Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after purchasing an additional 10,635,739 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after buying an additional 6,323,715 shares during the period. Marex Group plc raised its holdings in Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after buying an additional 5,377,976 shares during the period. Voloridge Investment Management LLC bought a new position in Cleanspark in the third quarter valued at approximately $56,056,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Cleanspark in the fourth quarter valued at approximately $26,125,000. 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.