Cleanspark (NASDAQ:CLSK) Shares Up 9.6% – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shares rose 9.6% on Monday . The company traded as high as $18.71 and last traded at $18.8920. 4,272,000 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 23,716,871 shares. The stock had previously closed at $17.24.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CLSK shares. Weiss Ratings cut shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Needham & Company LLC increased their price objective on shares of Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their target price on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Chardan Capital boosted their target price on shares of Cleanspark from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Citigroup initiated coverage on shares of Cleanspark in a report on Wednesday. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Cleanspark Stock Down 1.5%

The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of -8.19 and a beta of 3.79. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The stock has a 50 day moving average price of $14.78 and a 200 day moving average price of $12.31.

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). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $145.35 million. During the same period in the prior year, the company earned ($0.49) EPS. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. As a group, analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Cleanspark

Large investors have recently modified their holdings of the business. Danske Bank A S bought a new stake in shares of Cleanspark in the fourth quarter worth $25,000. Quarry LP acquired a new position in Cleanspark during the 3rd quarter worth about $26,000. Morse Asset Management Inc acquired a new position in Cleanspark during the 3rd quarter worth about $32,000. Strs Ohio bought a new stake in shares of Cleanspark in the 1st quarter valued at about $38,000. Finally, CIBC Private Wealth Group LLC grew its position in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after buying an additional 2,947 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.