Cleanspark (NASDAQ:CLSK) Stock Price Up 9.6% – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shot up 9.6% on Monday . The company traded as high as $18.71 and last traded at $18.8920. 4,272,000 shares changed hands during trading, a decline of 82% from the average daily volume of 23,716,871 shares. The stock had previously closed at $17.24.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Maxim Group lifted their price objective on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Cantor Fitzgerald dropped their price objective on Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings lowered Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Finally, Keefe, Bruyette & Woods raised their target price on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Cleanspark Trading Up 0.4%

The firm’s 50 day simple moving average is $14.50 and its two-hundred day simple moving average is $12.26. The stock has a market capitalization of $4.44 billion, a P/E ratio of -8.25 and a beta of 3.79. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The firm had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business’s quarterly revenue was down 24.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.49) earnings per share. As a group, analysts forecast that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleanspark

Institutional investors have recently modified their holdings of the company. X Square Capital LLC bought a new position in shares of Cleanspark in the third quarter valued at $2,900,000. New York State Teachers Retirement System increased its position 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 worth $3,458,000 after acquiring an additional 93,649 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of Cleanspark in the 4th quarter worth about $2,019,000. Benchmark Financial LLC acquired a new stake in shares of Cleanspark in the 4th quarter worth about $1,255,000. Finally, Tudor Investment Corp ET AL raised its holdings in shares of 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 during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.