Cleanspark (NASDAQ:CLSK) Trading Up 9.7% – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price shot up 9.7% during mid-day trading on Monday . The stock traded as high as $13.96 and last traded at $13.8480. 7,555,144 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 23,560,502 shares. The stock had previously closed at $12.62.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Maxim Group boosted their target price on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Citizens Jmp assumed coverage on Cleanspark in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Chardan Capital reissued a “buy” rating and issued a $19.00 price objective on shares of Cleanspark in a research note on Wednesday. Citigroup initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating for the company. Finally, Needham & Company LLC raised their target price on Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Cleanspark currently has a consensus rating of “Moderate Buy” and an average price target of $21.12.

Cleanspark Price Performance

The stock has a 50-day moving average of $15.30 and a two-hundred day moving average of $12.35. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -5.78 and a beta of 3.83. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $145.35 million. During the same quarter in the previous year, the firm posted ($0.49) EPS. Cleanspark’s quarterly revenue was down 24.9% on a year-over-year basis. On average, analysts anticipate that Cleanspark, Inc. will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Cleanspark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System grew its holdings in shares of Cleanspark by 37.7% during the fourth quarter. New York State Teachers Retirement System now owns 341,749 shares of the company’s stock valued at $3,458,000 after buying an additional 93,649 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Cleanspark during the fourth quarter valued at $2,019,000. Benchmark Financial LLC purchased a new stake in Cleanspark in the 4th quarter worth about $1,255,000. Tudor Investment Corp ET AL lifted its stake in Cleanspark by 496.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock worth $25,118,000 after acquiring an additional 1,441,939 shares in the last quarter. Finally, Azora Capital LP acquired a new stake in Cleanspark during the 3rd quarter worth about $15,300,000. 43.12% of the stock is currently 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.