Cleanspark (NASDAQ:CLSK) Shares Gap Up – Still a Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $11.67, but opened at $12.38. Cleanspark shares last traded at $12.3140, with a volume of 5,349,225 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Chardan Capital restated a “buy” rating and set a $21.00 price objective on shares of Cleanspark in a report on Monday, August 10th. Maxim Group increased their target price on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. B. Riley Financial boosted their price target on Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Weiss Ratings raised Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $26.00 target price on shares of Cleanspark in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Stock Performance

The stock has a market cap of $3.19 billion, a P/E ratio of -3.30 and a beta of 3.86. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11. The stock has a 50-day simple moving average of $14.10 and a 200-day simple moving average of $12.60.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The company had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.Cleanspark’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share. Research analysts forecast that Cleanspark, Inc. will post -1.4 earnings per share for the current year.

Hedge Funds Weigh In On Cleanspark

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new stake in Cleanspark in the first quarter valued at $68,000. Caxton Associates LLP bought a new stake in shares of Cleanspark during the 1st quarter valued at about $169,000. United Services Automobile Association bought a new position in shares of Cleanspark during the 1st quarter worth approximately $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Cleanspark by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after buying an additional 86,229 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Cleanspark during the 1st quarter worth approximately $38,000. 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.