Cleanspark (NASDAQ:CLSK) Shares Up 11.1% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price was up 11.1% during mid-day trading on Monday . The stock traded as high as $14.65 and last traded at $14.4710. Approximately 5,284,991 shares traded hands during trading, a decline of 78% from the average session volume of 23,653,891 shares. The stock had previously closed at $13.03.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Chardan Capital reiterated a “buy” rating and issued a $19.00 price target on shares of Cleanspark in a report on Wednesday, July 15th. Cantor Fitzgerald raised their price target on Cleanspark from $17.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings cut Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Maxim Group upped their price objective on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods increased their target price on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.34.

Cleanspark Price Performance

The firm has a market capitalization of $3.95 billion, a P/E ratio of -7.32 and a beta of 3.83. The stock’s 50 day simple moving average is $15.34 and its 200 day simple moving average is $12.51. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The company had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period in the prior year, the firm posted ($0.49) EPS. The business’s revenue was down 24.9% on a year-over-year basis. As a group, analysts expect that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleanspark

Hedge funds have recently made changes to their positions in the company. Situational Awareness LP grew its holdings in Cleanspark by 648.4% during the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after acquiring an additional 10,635,739 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after purchasing an additional 6,323,715 shares in the last quarter. Marex Group plc lifted its position in shares of Cleanspark by 23,812.2% in the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after purchasing an additional 5,377,976 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Cleanspark in the 3rd quarter worth approximately $56,056,000. Finally, Renaissance Technologies LLC bought a new position in shares of Cleanspark during the fourth quarter valued at approximately $26,125,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.