Cleanspark (NASDAQ:CLSK) Stock Price Up 5.3% – Time to Buy?

Cleanspark, Inc. (NASDAQ:CLSK) rose 5.3% on Tuesday . The company traded as high as $14.26 and last traded at $14.15. Approximately 17,095,655 shares traded hands during trading, a decline of 28% from the average daily volume of 23,774,225 shares. The stock had previously closed at $13.44.

Analyst Ratings Changes

Several research firms have recently commented on CLSK. B. Riley Financial reduced their price target on Cleanspark from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Cleanspark in a research report on Friday, May 8th. BTIG Research reiterated a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research note on Tuesday, May 12th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 target price on shares of Cleanspark in a research report on Wednesday, April 8th. Finally, Maxim Group upped their target price on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have 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 an average price target of $20.44.

Cleanspark Price Performance

The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -7.50 and a beta of 3.71. The stock’s 50 day simple moving average is $11.20 and its 200-day simple moving average is $11.72.

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 negative net margin of 67.66% and a positive return on equity of 7.07%. The company had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.36 million. During the same quarter in the previous year, the company posted ($0.49) EPS. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. Equities research analysts anticipate that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.