Cleanspark (NASDAQ:CLSK) Trading Down 6.2% – Here’s What Happened

Shares of Cleanspark, Inc. (NASDAQ:CLSK) were down 6.2% on Thursday . The company traded as low as $16.33 and last traded at $16.5110. Approximately 7,113,565 shares were traded 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

A number of research analysts recently weighed in on CLSK shares. 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 report on Wednesday, May 13th. Weiss Ratings lowered shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Chardan Capital reissued a “buy” rating and issued a $16.00 target price on shares of Cleanspark in a report on Wednesday, April 8th. Maxim Group raised their target price on shares of Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Finally, Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.44.

Cleanspark Price Performance

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 firm’s 50 day simple moving average is $12.70 and its 200 day simple moving average is $11.86. The company has a market capitalization of $4.31 billion, a PE ratio of -8.03 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing the consensus estimate of ($0.25) by ($1.27). The firm had revenue of $136.41 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 24.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.49) earnings per share. As a group, research analysts anticipate that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Smartleaf Asset Management LLC raised its holdings in shares of Cleanspark by 38.9% in the third quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock valued at $40,000 after acquiring an additional 745 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Cleanspark by 4.0% in the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock valued at $291,000 after acquiring an additional 781 shares in the last quarter. KBC Group NV raised its holdings in Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Cleanspark by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock worth $375,000 after purchasing an additional 873 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares in the last quarter. 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.