Cleanspark (NASDAQ:CLSK) Stock Price Up 8.1% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price traded up 8.1% during trading on Thursday . The stock traded as high as $13.03 and last traded at $13.1640. 4,047,268 shares traded hands during trading, a decline of 83% from the average session volume of 23,298,809 shares. The stock had previously closed at $12.18.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CLSK shares. B. Riley Financial upped their price target on shares of Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $26.00 price target on shares of Cleanspark in a research note on Friday, August 7th. Weiss Ratings upgraded Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Citizens Jmp assumed coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price on the stock. Finally, Keefe, Bruyette & Woods boosted their price target on Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.88.

Cleanspark Price Performance

The company has a fifty day simple moving average of $13.66 and a 200-day simple moving average of $12.66. The company has a market cap of $3.34 billion, a P/E ratio of -3.44 and a beta of 3.86. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 2.11.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The company had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was down 30.5% compared to the same quarter last year. On average, sell-side analysts predict that Cleanspark, Inc. will post -1.4 earnings per share for the current year.

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in Cleanspark during the 1st quarter valued at $68,000. Caxton Associates LLP acquired a new position in Cleanspark during the first quarter valued at $169,000. United Services Automobile Association purchased a new stake in Cleanspark in the 1st quarter worth about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cleanspark by 16.8% during 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 period. Finally, Strs Ohio acquired a new position in shares of Cleanspark in the 1st quarter valued at about $38,000. Hedge funds and other 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.