Cleanspark (NASDAQ:CLSK) Stock Price Down 4.6% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK) shares were down 4.6% during trading on Friday . The stock traded as low as $12.21 and last traded at $12.36. 2,316,499 shares were traded during trading, a decline of 90% from the average daily volume of 23,261,621 shares. The stock had previously closed at $12.95.

Wall Street Analyst Weigh In

A number of research analysts have commented on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $26.00 price objective on shares of Cleanspark in a report on Friday, August 7th. Needham & Company LLC lifted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Citizens Jmp began coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. Chardan Capital reissued a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. Finally, BTIG Research reaffirmed a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Trading Down 9.0%

The business’s 50 day simple moving average is $13.57 and its two-hundred day simple moving average is $12.68. 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 has a market cap of $3.03 billion, a P/E ratio of -3.13 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK) last posted its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. During the same period in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was down 30.5% compared to the same quarter last year. As a group, analysts expect that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLSK. Integrated Wealth Concepts LLC bought a new position in shares of Cleanspark during the 1st quarter worth about $68,000. Caxton Associates LLP bought a new stake in Cleanspark in the first quarter worth about $169,000. United Services Automobile Association bought a new stake in shares of Cleanspark in the first quarter valued at $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cleanspark by 16.8% in 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 purchasing an additional 86,229 shares during the period. Finally, Strs Ohio purchased a new stake in Cleanspark in the 1st quarter worth approximately $38,000. Institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

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.