Cleanspark (NASDAQ:CLSK) Trading Up 9.7% – Still a Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price traded up 9.7% during trading on Monday . The stock traded as high as $13.96 and last traded at $13.8480. 7,555,144 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 23,560,502 shares. The stock had previously closed at $12.62.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CLSK. Weiss Ratings cut Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Needham & Company LLC raised 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. Cantor Fitzgerald decreased their price target on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Finally, Citizens Jmp assumed coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and an average target price of $21.12.

Cleanspark Stock Performance

The business’s 50-day simple moving average is $15.28 and its two-hundred day simple moving average is $12.34. 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 firm has a market cap of $3.51 billion, a price-to-earnings ratio of -6.52 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last announced 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). The business had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.49) EPS. As a group, sell-side analysts expect that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in Cleanspark by 81.3% during the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after acquiring an additional 6,323,715 shares during the period. Situational Awareness LP increased its stake 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 worth $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Marex Group plc increased its stake in shares of Cleanspark by 23,812.2% during the fourth 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 in the last quarter. Invesco Ltd. raised its position in shares of Cleanspark by 22.1% during the 3rd quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock worth $64,997,000 after purchasing an additional 810,203 shares during the last quarter. Finally, Tidal Investments LLC lifted its stake in Cleanspark by 13.3% in the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock valued at $63,313,000 after buying an additional 514,062 shares in the last quarter. 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.