Cleanspark (NASDAQ:CLSK) Shares Down 6.5% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price dropped 6.5% during trading on Monday . The stock traded as low as $15.97 and last traded at $15.2630. Approximately 2,120,018 shares were traded during mid-day trading, a decline of 91% from the average session volume of 23,677,291 shares. The stock had previously closed at $16.33.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Citizens Jmp began coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price on the stock. Weiss Ratings cut Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Finally, Cantor Fitzgerald dropped their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.12.

Cleanspark Price Performance

The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -6.93 and a beta of 3.79. The stock’s 50 day moving average price is $15.22 and its two-hundred day moving average price is $12.35. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing the consensus estimate 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 $145.35 million. During the same period last year, the business earned ($0.49) EPS. The company’s revenue for the quarter was down 24.9% on a year-over-year basis. Equities research analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Cleanspark

Several institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV boosted its stake in shares of Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after buying an additional 828 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cleanspark by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock valued at $375,000 after acquiring an additional 873 shares in the last quarter. CI Investments Inc. lifted its holdings in Cleanspark by 6.9% in the third quarter. CI Investments Inc. now owns 15,437 shares of the company’s stock valued at $224,000 after acquiring an additional 997 shares during the period. FNY Investment Advisers LLC lifted its holdings in Cleanspark by 14.6% in the third quarter. FNY Investment Advisers LLC now owns 9,595 shares of the company’s stock valued at $139,000 after acquiring an additional 1,219 shares during the period. Finally, Cresset Asset Management LLC boosted its position in Cleanspark by 4.9% in the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock worth $297,000 after purchasing an additional 1,248 shares in the last quarter. Institutional investors and hedge funds 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.