Cleanspark (NASDAQ:CLSK) Stock Price Down 6.5% – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK) shares fell 6.5% on Monday . The stock traded as low as $15.97 and last traded at $15.2630. 2,120,018 shares traded hands during trading, a decline of 91% from the average session volume of 23,677,291 shares. The stock had previously closed at $16.33.

Analysts Set New Price Targets

CLSK has been the subject of a number of research reports. Citizens Jmp assumed coverage on Cleanspark in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price for the company. Citigroup initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating on the stock. Maxim Group boosted their price objective on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald lowered their price objective on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Weiss Ratings lowered Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.12.

Cleanspark Trading Down 5.5%

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 stock has a market cap of $3.96 billion, a P/E ratio of -7.32 and a beta of 3.79. The firm’s 50-day simple moving average is $15.09 and its 200 day simple moving average is $12.35.

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

Institutional Trading of Cleanspark

Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after acquiring an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC increased its holdings in shares of Cleanspark by 617.3% during the first quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock valued at $7,614,000 after purchasing an additional 770,000 shares during the period. Situational Awareness LP raised its stake 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. Feynman Point Asset Management LLC raised its stake in shares of Cleanspark by 20.6% during the first quarter. Feynman Point Asset Management LLC now owns 213,300 shares of the company’s stock valued at $1,815,000 after purchasing an additional 36,500 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Cleanspark by 11.4% in the first quarter. California State Teachers Retirement System now owns 300,688 shares of the company’s stock worth $2,559,000 after purchasing an additional 30,663 shares during the period. 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.