Cleanspark (NASDAQ:CLSK) Stock Price Down 4.5% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK)’s share price was down 4.5% on Friday . The stock traded as low as $11.78 and last traded at $12.03. Approximately 10,916,865 shares changed hands during trading, a decline of 53% from the average daily volume of 23,406,656 shares. The stock had previously closed at $12.60.

Analysts Set New Price Targets

Several research firms recently issued reports on CLSK. HC Wainwright reissued a “buy” rating on shares of Cleanspark in a research report on Friday, August 7th. Weiss Ratings raised Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $26.00 price objective on shares of Cleanspark in a report on Friday, August 7th. Needham & Company LLC upped their price objective on Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Maxim Group increased their target price on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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 has a fifty day simple moving average of $14.03 and a 200-day simple moving average of $12.60. The company has a market capitalization of $3.06 billion, a P/E ratio of -3.16 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 the consensus estimate of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The firm’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. Equities analysts forecast that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Trading of Cleanspark

Several hedge funds have recently modified their holdings of CLSK. Dimensional Fund Advisors LP grew its position in Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after acquiring an additional 6,323,715 shares during the last quarter. Situational Awareness LP raised its position in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Marex Group plc boosted its stake in Cleanspark by 23,812.2% in the fourth quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after purchasing an additional 5,377,976 shares in the last quarter. Invesco Ltd. boosted its stake in Cleanspark by 22.1% in the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock worth $64,997,000 after purchasing an additional 810,203 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Cleanspark by 13.3% during the third quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock worth $63,313,000 after purchasing an additional 514,062 shares during the last quarter. Institutional investors and hedge funds 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.