Cleanspark (NASDAQ:CLSK) Shares Gap Up – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $12.75, but opened at $13.97. Cleanspark shares last traded at $12.39, with a volume of 7,811,132 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Maxim Group lifted 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. B. Riley Financial lifted their price objective on Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC boosted their target price on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $26.00 target price on shares of Cleanspark in a research note on Friday. Finally, Citigroup began coverage on Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.88.

Cleanspark Stock Performance

The stock’s 50 day moving average price is $15.01 and its two-hundred day moving average price is $12.67. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -5.94 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.52) 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 company had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.35 million. During the same period in the prior year, the firm posted ($0.49) EPS. The firm’s quarterly revenue was down 24.9% on a year-over-year basis. On average, analysts forecast that Cleanspark, Inc. will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently modified their holdings of CLSK. Dimensional Fund Advisors LP raised its holdings in Cleanspark by 81.3% during the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after purchasing an additional 6,323,715 shares during the last quarter. Situational Awareness LP grew its holdings in Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Marex Group plc grew its holdings in Cleanspark by 23,812.2% in the fourth quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock valued at $54,654,000 after purchasing an additional 5,377,976 shares during the last quarter. Invesco Ltd. increased its position in shares of Cleanspark by 22.1% in the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after buying an additional 810,203 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Cleanspark by 13.3% during the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock worth $63,313,000 after buying an additional 514,062 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.