Cleanspark (NASDAQ:CLSK) Stock Price Up 8.1% – Time to Buy?

Cleanspark, Inc. (NASDAQ:CLSK) rose 8.1% on Thursday . The company traded as high as $13.03 and last traded at $13.1640. 4,047,268 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 23,298,809 shares. The stock had previously closed at $12.18.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CLSK. B. Riley Financial raised their price target on Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. HC Wainwright reissued a “buy” rating on shares of Cleanspark in a research report on Friday, August 7th. Citizens Jmp began coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Finally, Citigroup initiated coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They issued an “outperform” rating for the company. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.88.

Cleanspark Stock Performance

The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. The stock’s 50-day moving average price is $13.66 and its 200 day moving average price is $12.66. The company has a market cap of $3.34 billion, a P/E ratio of -3.44 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK) last announced its 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 return on equity of 18.63% and a negative net margin of 146.90%.The firm had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. During the same quarter last year, the business earned $0.90 EPS. The business’s revenue was down 30.5% compared to the same quarter last year. As a group, research analysts expect that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. CoreCap Advisors LLC raised its position in shares of Cleanspark by 16.8% during the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after acquiring an additional 800 shares during the last quarter. KBC Group NV boosted its stake in Cleanspark by 10.7% during the 1st quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after acquiring an additional 828 shares during the last quarter. Cresset Asset Management LLC grew its holdings in Cleanspark by 4.9% during the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after purchasing an additional 1,248 shares during the period. CreativeOne Wealth LLC grew its holdings in Cleanspark by 11.0% during the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock valued at $245,000 after purchasing an additional 1,680 shares during the period. Finally, Markowski Investments bought a new stake in Cleanspark in the second quarter valued at approximately $25,000. 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.