Cleanspark, Inc. (NASDAQ:CLSK – Get Free Report)’s stock price shot up 7.2% during trading on Friday . The stock traded as high as $13.38 and last traded at $13.7190. 2,241,261 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 22,861,535 shares. The stock had previously closed at $12.80.
Analyst Ratings Changes
Several equities analysts have commented on the stock. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Chardan Capital reaffirmed a “buy” rating and set a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods boosted their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. Finally, BTIG Research reiterated a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.88.
Read Our Latest Report on Cleanspark
Cleanspark Trading Up 7.9%
Cleanspark (NASDAQ:CLSK – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. As a group, equities research analysts predict that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.
Insider Activity at Cleanspark
In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total value of $336,821.66. Following the sale, the chief operating officer owned 236,114 shares of the company’s stock, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 29,816 shares of company stock worth $394,352. 2.08% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cleanspark
A number of institutional investors and hedge funds have recently bought and sold shares of CLSK. CoreCap Advisors LLC raised its holdings in Cleanspark by 16.8% during the 2nd quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after buying an additional 800 shares during the period. KBC Group NV boosted its position in shares of Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock valued at $73,000 after acquiring an additional 828 shares during the period. Cresset Asset Management LLC raised its holdings in Cleanspark by 4.9% in the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after acquiring an additional 1,248 shares in the last quarter. CreativeOne Wealth LLC raised its position in Cleanspark by 11.0% in the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock worth $245,000 after purchasing an additional 1,680 shares in the last quarter. Finally, Markowski Investments bought a new stake in shares of Cleanspark in the 2nd quarter worth about $25,000. 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.
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