Zacks Investment Research Lowers CleanSpark (NASDAQ:CLSK) to Hold

CleanSpark (NASDAQ:CLSKGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “CleanSpark Inc. is a microgrid company. It provides energy software and control technology. The company offers intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services and turn-key microgrid implementation services. It serves the commercial, industrial, military, agricultural and municipal, deployment sectors. CleanSpark Inc. is based in Salt Lake City, Utah. “

Several other brokerages have also recently weighed in on CLSK. BTIG Research lowered their price target on shares of CleanSpark from $35.00 to $30.00 in a research report on Thursday, February 10th. HC Wainwright reissued a “buy” rating on shares of CleanSpark in a research report on Wednesday, December 22nd.

Shares of CLSK traded up $0.19 during mid-day trading on Tuesday, hitting $9.51. The company’s stock had a trading volume of 1,082,368 shares, compared to its average volume of 2,306,871. The company’s 50-day moving average is $10.62 and its 200-day moving average is $12.40. CleanSpark has a 52-week low of $5.47 and a 52-week high of $23.60. The firm has a market capitalization of $394.37 million, a price-to-earnings ratio of -135.84 and a beta of 4.66.

CleanSpark (NASDAQ:CLSKGet Rating) last announced its quarterly earnings results on Wednesday, February 9th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. CleanSpark had a negative net margin of 0.18% and a positive return on equity of 3.40%. The firm had revenue of $41.24 million during the quarter, compared to analysts’ expectations of $43.60 million. During the same quarter in the prior year, the company earned ($0.23) EPS. Research analysts expect that CleanSpark will post 1.45 EPS for the current year.

In other news, Director Thomas Leigh Wood bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 14th. The stock was bought at an average price of $8.70 per share, with a total value of $130,500.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gary Anthony Vecchiarelli purchased 3,357 shares of the business’s stock in a transaction on Wednesday, February 16th. The shares were bought at an average price of $11.18 per share, for a total transaction of $37,531.26. The disclosure for this purchase can be found here. Corporate insiders own 5.18% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. UBS Group AG increased its stake in CleanSpark by 13.4% during the 3rd quarter. UBS Group AG now owns 8,450 shares of the company’s stock valued at $98,000 after purchasing an additional 1,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in CleanSpark by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 85,719 shares of the company’s stock valued at $817,000 after purchasing an additional 1,575 shares in the last quarter. Royal Bank of Canada increased its stake in CleanSpark by 5.6% during the 3rd quarter. Royal Bank of Canada now owns 40,384 shares of the company’s stock valued at $468,000 after purchasing an additional 2,156 shares in the last quarter. Citigroup Inc. increased its stake in CleanSpark by 144.8% during the 3rd quarter. Citigroup Inc. now owns 3,888 shares of the company’s stock valued at $45,000 after purchasing an additional 2,300 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in CleanSpark by 24.4% during the 4th quarter. JPMorgan Chase & Co. now owns 18,956 shares of the company’s stock valued at $180,000 after purchasing an additional 3,723 shares in the last quarter. Institutional investors and hedge funds own 27.84% of the company’s stock.

CleanSpark Company Profile (Get Rating)

CleanSpark, Inc provides bitcoin mining and energy technology solutions worldwide. It operates in two segments, Digital Currency Mining and Energy. The Digital Currency Mining segment engages in mining of bitcoin. The energy segment provides engineering, design and software, custom hardware, open automated demand response, solar, and energy storage solutions for microgrids and distributed energy systems to military, commercial, and residential customers; and develops platforms that enables designing, building, operating, and managing of energy assets.

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