Cleanspark, Inc. (NASDAQ:CLSK – Get Free Report)’s stock price shot up 11.1% on Monday . The company traded as high as $14.65 and last traded at $14.4710. Approximately 5,284,991 shares were traded during trading, a decline of 78% from the average daily volume of 23,653,891 shares. The stock had previously closed at $13.03.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Zacks Research upgraded Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. BTIG Research restated a “buy” rating and set a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. Cantor Fitzgerald increased their price objective on shares of Cleanspark from $17.00 to $26.00 and gave the stock an “overweight” rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, Chardan Capital reissued a “buy” rating and set a $19.00 target price on shares of Cleanspark in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.34.
Read Our Latest Stock Analysis on Cleanspark
Cleanspark Stock Up 12.3%
Cleanspark (NASDAQ:CLSK – Get Free Report) last released its quarterly earnings results 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). The business had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.49) EPS. Equities research analysts predict that Cleanspark, Inc. will post -1.19 earnings per share for the current year.
Hedge Funds Weigh In On Cleanspark
Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after acquiring an additional 6,323,715 shares during the period. Situational Awareness LP raised its holdings in Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Marex Group plc lifted its position in Cleanspark by 23,812.2% in the fourth quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after purchasing an additional 5,377,976 shares during the period. Invesco Ltd. lifted its position in Cleanspark by 22.1% in the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock worth $64,997,000 after purchasing an additional 810,203 shares during the period. Finally, Tidal Investments LLC boosted its stake in Cleanspark by 13.3% during the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock valued at $63,313,000 after purchasing an additional 514,062 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.
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.
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