Cleanspark (NASDAQ:CLSK) Trading Down 10.4% – Time to Sell?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price traded down 10.4% during trading on Tuesday . The company traded as low as $12.22 and last traded at $12.1010. Approximately 3,554,137 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 23,465,090 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Chardan Capital upped their price objective on shares of Cleanspark from $16.00 to $19.00 and gave the company a “buy” rating in a report on Monday, June 8th. Keefe, Bruyette & Woods increased their price target on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. BTIG Research reissued a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a research note on Tuesday, May 12th. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Finally, Needham & Company LLC increased their target price on Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, Cleanspark presently has an average rating of “Moderate Buy” and a consensus price target of $21.12.

Cleanspark Price Performance

The firm has a market capitalization of $3.26 billion, a PE ratio of -6.07 and a beta of 3.83. The business has a 50-day moving average of $15.30 and a 200 day moving average of $12.35. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) 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 firm had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.35 million. During the same period in the prior year, the firm earned ($0.49) earnings per share. Cleanspark’s revenue was down 24.9% compared to the same quarter last year. As a group, research analysts anticipate that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleanspark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its stake in shares of Cleanspark by 16.8% in the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after buying an additional 800 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cleanspark by 49.2% in the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after acquiring an additional 849,865 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its position 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 acquiring an additional 770,000 shares during the last quarter. Situational Awareness LP increased its position 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 acquiring an additional 10,635,739 shares during the last quarter. Finally, Feynman Point Asset Management LLC lifted its holdings in Cleanspark by 20.6% during the first quarter. Feynman Point Asset Management LLC now owns 213,300 shares of the company’s stock worth $1,815,000 after acquiring an additional 36,500 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

About Cleanspark

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.