Cleanspark (NASDAQ:CLSK) Stock Price Down 10.4% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK) traded down 10.4% on Tuesday . The stock traded as low as $12.22 and last traded at $12.1010. Approximately 3,554,137 shares were traded during trading, a decline of 85% from the average daily volume of 23,465,090 shares. The stock had previously closed at $13.51.

Analysts Set New Price Targets

CLSK has been the subject of several research reports. Keefe, Bruyette & Woods increased their target price on Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. BTIG Research restated a “buy” rating and set a $26.00 price target on shares of Cleanspark in a report on Tuesday, May 12th. Chardan Capital upped their price objective on Cleanspark from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Cantor Fitzgerald cut their target price on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cleanspark currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.12.

Cleanspark Stock Performance

The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of -6.07 and a beta of 3.83. The stock has a 50 day moving average of $15.30 and a 200 day moving average of $12.35. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The firm had revenue of $136.41 million during the quarter, compared to analyst estimates of $145.35 million. During the same quarter last year, the firm posted ($0.49) EPS. The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. As a group, analysts predict that Cleanspark, Inc. will post -1.19 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CLSK. Danske Bank A S acquired a new stake in Cleanspark during the fourth quarter worth approximately $25,000. Quarry LP bought a new position in shares of Cleanspark during the 3rd quarter worth approximately $26,000. Morse Asset Management Inc acquired a new stake in shares of Cleanspark during the 3rd quarter worth approximately $32,000. Strs Ohio acquired a new stake in shares of Cleanspark during the 1st quarter worth approximately $38,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after acquiring an additional 2,947 shares in the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.