Cleanspark (NASDAQ:CLSK) Trading Up 5.3% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) shares shot up 5.3% during trading on Tuesday . The stock traded as high as $14.26 and last traded at $14.15. 17,095,655 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 23,774,225 shares. The stock had previously closed at $13.44.

Wall Street Analyst Weigh In

Several brokerages have commented on CLSK. Keefe, Bruyette & Woods raised their price objective on Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Needham & Company LLC lifted their price objective on Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. B. Riley Financial reduced their target price on Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d)” rating on shares of Cleanspark in a research report on Friday, May 8th. Finally, Maxim Group upped their price target on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.44.

Cleanspark Trading Up 7.1%

The company has a 50-day moving average price of $10.97 and a 200-day moving average price of $11.77. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -6.88 and a beta of 3.71. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($1.27). The business had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.36 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company’s revenue was down 24.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.49) earnings per share. As a group, research analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Trading of Cleanspark

Large investors have recently made changes to their positions in the company. Hantz Financial Services Inc. lifted its position in Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares during the period. Danske Bank A S purchased a new position in shares of Cleanspark during the 4th quarter worth approximately $25,000. Quarry LP purchased a new position in Cleanspark in the 3rd quarter valued at approximately $26,000. Morse Asset Management Inc purchased a new position in Cleanspark in the 3rd quarter valued at approximately $32,000. Finally, Strs Ohio purchased a new position in Cleanspark in the 1st quarter valued at approximately $38,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.