Cleanspark (NASDAQ:CLSK) Trading 9.4% Higher – Still a Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shot up 9.4% on Thursday . The stock traded as high as $12.40 and last traded at $12.40. 7,887,619 shares traded hands during trading, a decline of 66% from the average daily volume of 23,045,881 shares. The stock had previously closed at $11.33.

Analyst Ratings Changes

Several research firms have recently issued reports on CLSK. Chardan Capital reiterated a “buy” rating and set a $21.00 price target on shares of Cleanspark in a research note on Monday, August 10th. B. Riley Financial raised their price objective 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 upgraded Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $26.00 price target on shares of Cleanspark in a report on Friday, August 7th. 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 assigned a Sell rating to the stock. According to MarketBeat.com, Cleanspark has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Price Performance

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’s 50 day simple moving average is $13.12 and its two-hundred day simple moving average is $12.72. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -3.30 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The business had revenue of $138.01 million for 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 EPS. On average, analysts forecast that Cleanspark, Inc. will post -1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Markowski Investments bought a new position in shares of Cleanspark during the second quarter valued at $25,000. Quarry LP acquired a new stake in shares of Cleanspark in the 3rd quarter valued at $26,000. Morse Asset Management Inc bought a new stake in shares of Cleanspark in the 3rd quarter worth about $32,000. Danske Bank A S bought a new stake in shares of Cleanspark in the 4th quarter worth about $25,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of Cleanspark by 5,081.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after purchasing an additional 2,947 shares in the last quarter. 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.