Cleanspark (NASDAQ:CLSK) Trading Down 4.5% – Time to Sell?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price was down 4.5% on Friday . The stock traded as low as $11.78 and last traded at $12.03. 10,916,865 shares were traded during mid-day trading, a decline of 53% from the average session volume of 23,406,656 shares. The stock had previously closed at $12.60.

Analyst Ratings Changes

A number of equities research analysts recently commented on CLSK shares. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Cleanspark in a research report on Friday, August 7th. BTIG Research reaffirmed a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a research note on Tuesday, July 14th. Citizens Jmp began coverage on Cleanspark in a report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 target price for the company. Finally, Citigroup assumed coverage on Cleanspark in a research note on Wednesday, June 24th. They issued an “outperform” rating on the stock. 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. According to MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.88.

Cleanspark Stock Down 4.9%

The company has a market capitalization of $3.08 billion, a P/E ratio of -3.18 and a beta of 3.86. The firm’s 50 day moving average price is $13.94 and its two-hundred day moving average price is $12.60. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK) last announced its earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The business had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. During the same quarter in the previous year, the company posted $0.90 EPS. The business’s revenue for the quarter was down 30.5% compared to the same quarter last year. Equities research analysts forecast that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Teachers Retirement System lifted its stake in Cleanspark by 37.7% in the fourth quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock valued at $3,458,000 after acquiring an additional 93,649 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in shares of Cleanspark in the 4th quarter valued at about $2,019,000. Assenagon Asset Management S.A. acquired a new position in shares of Cleanspark during the 2nd quarter worth about $5,521,000. UBS Group AG increased its stake in shares of Cleanspark by 81.1% during the 4th quarter. UBS Group AG now owns 3,579,166 shares of the company’s stock worth $36,221,000 after purchasing an additional 1,602,830 shares during the last quarter. Finally, Situational Awareness LP raised its holdings 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. Institutional investors and hedge funds 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.