Cleanspark (NASDAQ:CLSK) Trading Up 20% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK) shot up 20% on Thursday . The company traded as high as $14.56 and last traded at $14.4160. 5,861,146 shares were traded during mid-day trading, a decline of 75% from the average session volume of 23,562,352 shares. The stock had previously closed at $12.01.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CLSK shares. Chardan Capital lifted their target price on Cleanspark from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday. Maxim Group upped their price target on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods increased their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday. Citizens Jmp initiated coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price objective on the stock. Finally, Cantor Fitzgerald boosted their target price on shares of Cleanspark from $17.00 to $26.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.35.

Cleanspark Stock Down 5.4%

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 company has a 50 day simple moving average of $15.29 and a two-hundred day simple moving average of $12.64. The company has a market capitalization of $3.53 billion, a P/E ratio of -6.55 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last posted 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). The company had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.49) earnings per share. As a group, equities analysts predict that Cleanspark, Inc. will post -1.19 EPS for the current year.

Institutional Trading of Cleanspark

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