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

Cleanspark, Inc. (NASDAQ:CLSK) shares shot up 9.6% during trading on Monday . The company traded as high as $18.71 and last traded at $18.8920. 4,272,000 shares were traded during 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 research firms have recently weighed in on CLSK. Chardan Capital raised their target price on Cleanspark from $16.00 to $19.00 and gave the company a “buy” rating in a report on Monday, June 8th. Needham & Company LLC increased their price target on Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Maxim Group lifted their price objective on shares of Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Cantor Fitzgerald reduced their target price on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.67.

Cleanspark Price Performance

The business has a 50 day moving average price of $14.50 and a two-hundred day moving average price of $12.26. The stock has a market cap of $4.44 billion, a PE ratio of -8.25 and a beta of 3.79. 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 issued its quarterly 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 business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business’s revenue was down 24.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.49) earnings per share. Research analysts expect that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleanspark

Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in shares of Cleanspark during the 1st quarter worth $68,000. Caxton Associates LLP purchased a new stake in Cleanspark during the first quarter worth about $169,000. United Services Automobile Association bought a new stake in Cleanspark in the first quarter worth about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after acquiring an additional 86,229 shares during the last quarter. Finally, Strs Ohio purchased a new position in Cleanspark in the first quarter valued at about $38,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.