Cleanspark (NASDAQ:CLSK) Trading Down 10.4% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CLSK shares. Keefe, Bruyette & Woods upped their target price on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Citizens Jmp started coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Cantor Fitzgerald decreased their price target on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, BTIG Research restated a “buy” rating and issued a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, May 12th. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.12.

Cleanspark Price Performance

The company has a 50-day moving average of $15.30 and a 200-day moving average of $12.36. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -5.90 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last announced its earnings results on Monday, May 11th. The company reported ($1.52) 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 company had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.35 million. During the same quarter last year, the business posted ($0.49) earnings per share. The business’s quarterly revenue was down 24.9% on a year-over-year basis. 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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its stake in shares of Cleanspark by 37.7% in the 4th quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock valued at $3,458,000 after purchasing an additional 93,649 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in shares of Cleanspark during the fourth quarter worth about $2,019,000. Benchmark Financial LLC acquired a new position in shares of Cleanspark during the fourth quarter worth about $1,255,000. Tudor Investment Corp ET AL grew its holdings in shares of Cleanspark by 496.7% during the third quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock worth $25,118,000 after buying an additional 1,441,939 shares in the last quarter. Finally, Azora Capital LP bought a new position in shares of Cleanspark during the third quarter worth about $15,300,000. 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.