Cleanspark (NASDAQ:CLSK) Stock Price Up 9.4% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) shares traded up 9.4% on Thursday . The company traded as high as $12.40 and last traded at $12.40. 7,887,619 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 23,045,881 shares. The stock had previously closed at $11.33.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CLSK. 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 research note on Tuesday, July 28th. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. Maxim Group increased their price objective on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Needham & Company LLC raised their target price on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, BTIG Research restated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Stock Up 0.9%

The stock’s 50 day moving average is $12.98 and its 200 day moving average is $12.74. The company has a market capitalization of $3.26 billion, a PE ratio of -3.37 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last released 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). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The firm’s quarterly revenue was down 30.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CLSK. Danske Bank A S purchased a new stake in shares of Cleanspark in the fourth quarter worth about $25,000. Markowski Investments purchased a new position in Cleanspark during the second quarter valued at approximately $25,000. Quarry LP bought a new stake in Cleanspark during the 3rd quarter worth approximately $26,000. Morse Asset Management Inc bought a new stake in Cleanspark during the 3rd quarter worth approximately $32,000. Finally, Strs Ohio purchased a new stake in Cleanspark in the 1st quarter worth approximately $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.