Cleanspark (NASDAQ:CLSK) Shares Gap Up – Time to Buy?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) gapped up before the market opened on Thursday . The stock had previously closed at $11.67, but opened at $12.38. Cleanspark shares last traded at $12.3140, with a volume of 5,349,225 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CLSK shares. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $26.00 price objective on shares of Cleanspark in a research note on Friday, August 7th. Keefe, Bruyette & Woods boosted their target price on Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. BTIG Research reissued a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a report on Tuesday, July 14th. Finally, HC Wainwright reissued a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.88.

Cleanspark Trading Down 4.9%

The stock’s fifty day moving average price is $13.94 and its 200 day moving average price is $12.60. The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. The stock has a market cap of $3.08 billion, a PE ratio of -3.18 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.Cleanspark’s revenue was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, sell-side analysts forecast that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Situational Awareness LP lifted its holdings in shares of Cleanspark by 648.4% during the first 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cleanspark by 81.3% during the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after buying an additional 6,323,715 shares during the last quarter. Marex Group plc increased its holdings in Cleanspark by 23,812.2% in 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 in the last quarter. Voloridge Investment Management LLC bought a new stake in Cleanspark in the 3rd quarter worth about $56,056,000. Finally, Renaissance Technologies LLC purchased a new position in Cleanspark in the 4th quarter worth about $26,125,000. 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.