Cleanspark (NASDAQ:CLSK) Trading Down 6.2% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK)’s share price traded down 6.2% during trading on Thursday . The company traded as low as $16.33 and last traded at $16.5110. 7,113,565 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 23,983,389 shares. The stock had previously closed at $17.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Needham & Company LLC boosted their target price on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Zacks Research downgraded shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Maxim Group boosted their target price on shares of Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. BTIG Research reiterated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a report on Tuesday, May 12th. Finally, Weiss Ratings downgraded shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, Cleanspark currently has an average rating of “Moderate Buy” and a consensus target price of $20.44.

Cleanspark Price Performance

The firm has a market cap of $4.31 billion, a PE ratio of -8.03 and a beta of 3.79. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The stock has a 50 day moving average price of $12.70 and a two-hundred day moving average price of $11.86.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results 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). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.36 million. During the same quarter in the previous year, the firm posted ($0.49) EPS. Cleanspark’s revenue was down 24.9% on a year-over-year basis. As a group, equities analysts expect that Cleanspark, Inc. will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Cleanspark

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cleanspark by 3.0% in the third quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company’s stock valued at $377,752,000 after buying an additional 769,148 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Cleanspark by 81.3% in 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. Situational Awareness LP boosted its position in Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after buying an additional 10,635,739 shares during the last quarter. Marex Group plc boosted its position in Cleanspark by 23,812.2% in the fourth quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock valued at $54,654,000 after buying an additional 5,377,976 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Cleanspark by 22.1% in the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after buying an additional 810,203 shares during the last quarter. 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.