Cleanspark (NASDAQ:CLSK) Stock Price Down 6.2% – Here’s Why
by Renee Jackson · The Cerbat GemShares of Cleanspark, Inc. (NASDAQ:CLSK – Get Free Report) dropped 6.2% during trading on Thursday . The stock traded as low as $16.33 and last traded at $16.5110. Approximately 7,113,565 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 23,983,389 shares. The stock had previously closed at $17.61.
Wall Street Analyst Weigh In
CLSK has been the topic of several research reports. Keefe, Bruyette & Woods upped their price target on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Cantor Fitzgerald decreased their price target on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Maxim Group upped their price target on shares of Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Chardan Capital restated a “buy” rating and issued a $16.00 price target on shares of Cleanspark in a research note on Wednesday, April 8th. Finally, Zacks Research downgraded shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.44.
Cleanspark Price Performance
The stock has a market cap of $4.00 billion, a P/E ratio of -7.42 and a beta of 3.79. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. The business’s fifty day moving average price is $12.96 and its 200 day moving average price is $11.93.
Cleanspark (NASDAQ:CLSK – Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The company had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.36 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The firm’s revenue was down 24.9% compared to the same quarter last year. During the same period last year, the company posted ($0.49) EPS. Sell-side analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its holdings 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 purchasing an additional 937 shares during the last quarter. Quarry LP bought a new position in Cleanspark during the 3rd quarter worth approximately $26,000. Morse Asset Management Inc bought a new position in Cleanspark during the 3rd quarter worth approximately $32,000. Danske Bank A S bought a new position in Cleanspark during the 4th quarter worth approximately $25,000. Finally, Smartleaf Asset Management LLC raised its holdings in Cleanspark by 38.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock worth $40,000 after purchasing an additional 745 shares during 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.