Cleanspark (NASDAQ:CLSK) Shares Down 6.5% – Here’s What Happened

Shares of Cleanspark, Inc. (NASDAQ:CLSK) traded down 6.5% during trading on Monday . The company traded as low as $15.97 and last traded at $15.2630. 2,120,018 shares were traded during trading, a decline of 91% from the average daily volume of 23,677,291 shares. The stock had previously closed at $16.33.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CLSK shares. Citizens Jmp assumed coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. Cantor Fitzgerald dropped their target price on Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Keefe, Bruyette & Woods upped their target price on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Needham & Company LLC increased their price target on Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Finally, Weiss Ratings cut Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.12.

Cleanspark Trading Down 5.5%

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 capitalization of $3.96 billion, a P/E ratio of -7.32 and a beta of 3.79. The firm has a 50 day moving average price of $15.09 and a two-hundred day moving average price of $12.35.

Cleanspark (NASDAQ:CLSK) last announced its 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 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 period last year, the firm earned ($0.49) earnings per share. The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. On average, equities research analysts expect that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Trading of Cleanspark

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new position in shares of Cleanspark in the first quarter worth about $68,000. Caxton Associates LLP acquired a new stake in shares of Cleanspark during the first quarter valued at approximately $169,000. United Services Automobile Association acquired a new stake in shares of Cleanspark during the first quarter valued at approximately $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cleanspark by 16.8% in the 1st 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 stake in shares of Cleanspark in the 1st quarter valued at approximately $38,000. 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.