Cleanspark (NASDAQ:CLSK) Trading Up 5.3% – What’s Next?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) were up 5.3% on Tuesday . The stock traded as high as $14.26 and last traded at $14.15. Approximately 17,095,655 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 23,774,225 shares. The stock had previously closed at $13.44.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CLSK shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Cleanspark in a report on Friday, May 8th. Chardan Capital reiterated a “buy” rating and issued a $16.00 target price on shares of Cleanspark in a report on Wednesday, April 8th. BTIG Research reiterated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a report on Tuesday, May 12th. Maxim Group upped their target price on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods upped their price objective on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.44.

Cleanspark Stock Up 7.1%

The company has a 50-day moving average of $10.97 and a 200-day moving average of $11.77. 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 company has a market capitalization of $3.69 billion, a price-to-earnings ratio of -6.88 and a beta of 3.71.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $145.36 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.49) earnings per share. On average, equities analysts predict that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. increased its holdings in shares of Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after purchasing an additional 937 shares during the period. Danske Bank A S purchased a new position in Cleanspark during the fourth quarter valued at approximately $25,000. Quarry LP purchased a new position in Cleanspark during the third quarter valued at approximately $26,000. Morse Asset Management Inc purchased a new position in Cleanspark during the third quarter valued at approximately $32,000. Finally, Strs Ohio purchased a new position in Cleanspark during the first quarter valued at approximately $38,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.