Cleanspark (NASDAQ:CLSK) Stock Jumps 7.4% – What’s Next?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) rose 7.4% during mid-day trading on Friday. The company traded as high as $13.46 and last traded at $13.4470. Approximately 3,257,161 shares were traded during trading, a decline of 85% from the average session volume of 22,449,334 shares. The stock had previously closed at $12.52.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. HC Wainwright restated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. Chardan Capital reiterated a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. B. Riley Financial increased their target price on shares of Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $26.00 price target on shares of Cleanspark in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.88.

Cleanspark Trading Up 0.5%

The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -3.31 and a beta of 3.84. The business’s 50 day moving average price is $12.94 and its 200-day moving average price is $13.25. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results 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 the consensus estimate of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. Cleanspark’s revenue was down 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. Equities analysts expect that Cleanspark, Inc. will post -1.4 EPS for the current year.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the transaction, the chief operating officer directly 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 can be accessed through the SEC website. Insiders sold 33,151 shares of company stock worth $435,473 over the last three months. 2.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several large investors have recently made changes to their positions in CLSK. Assenagon Asset Management S.A. bought a new stake in shares of Cleanspark during the 2nd quarter worth about $5,521,000. Situational Awareness LP boosted its stake in Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after buying an additional 10,635,739 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its position in Cleanspark by 617.3% in the first quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after buying an additional 770,000 shares during the last quarter. Finally, Compass Financial Management LLC acquired a new position in shares of Cleanspark in the 2nd quarter worth $1,830,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.