Cleanspark (NASDAQ:CLSK) Trading Down 4.5% – Should You Sell?

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CLSK. Maxim Group increased their target price on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Needham & Company LLC upped their price target on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Chardan Capital reissued a “buy” rating and issued a $21.00 price objective on shares of Cleanspark in a research report on Monday, August 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $26.00 price objective on shares of Cleanspark in a research note on Friday, August 7th. One investment 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.88.

Cleanspark Trading Down 5.4%

The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -3.16 and a beta of 3.86. The business has a 50-day moving average of $14.03 and a two-hundred day moving average of $12.60. The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK) last posted its quarterly 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 net margin of 146.90% and a negative return on equity of 18.63%. The firm had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same period last year, the company earned $0.90 EPS. The company’s revenue was down 30.5% on a year-over-year basis. Research analysts predict that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Nykredit A S bought a new position in Cleanspark in the second quarter worth $83,000. Headlands Technologies LLC boosted its stake in Cleanspark by 214.8% during the second quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock worth $7,457,000 after buying an additional 349,658 shares in the last quarter. Compass Financial Management LLC bought a new stake in Cleanspark in the 2nd quarter valued at $1,830,000. Fifth Third Wealth Advisors LLC bought a new stake in Cleanspark in the 2nd quarter valued at $374,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Cleanspark in the 2nd quarter valued at $188,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.