Zacks Investment Research Downgrades CleanSpark (NASDAQ:CLSK) to Strong Sell

CleanSpark (NASDAQ:CLSKGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday, 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 also recently issued reports on CLSK. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of CleanSpark in a research note on Monday. BTIG Research reduced their target price on shares of CleanSpark from $35.00 to $30.00 in a research report on Thursday, February 10th.

Shares of NASDAQ:CLSK traded up $0.10 during trading on Thursday, reaching $5.85. The company’s stock had a trading volume of 2,140,040 shares, compared to its average volume of 2,284,728. CleanSpark has a 12 month low of $4.53 and a 12 month high of $23.60. The firm’s 50 day simple moving average is $9.37 and its two-hundred day simple moving average is $11.12. The stock has a market capitalization of $241.55 million, a PE ratio of -20.17 and a beta of 4.77.

CleanSpark (NASDAQ:CLSKGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.18. CleanSpark had a negative net margin of 6.34% and a positive return on equity of 3.21%. During the same period in the prior year, the business posted $0.05 earnings per share. On average, equities analysts predict that CleanSpark will post 1.45 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in CleanSpark by 166.7% during the first quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the company’s stock valued at $40,000 after buying an additional 2,000 shares during the period. Citigroup Inc. increased its holdings in CleanSpark by 144.8% during the third quarter. Citigroup Inc. now owns 3,888 shares of the company’s stock valued at $45,000 after buying an additional 2,300 shares during the period. Lincoln National Corp purchased a new position in CleanSpark during the fourth quarter valued at approximately $97,000. UBS Group AG increased its holdings in CleanSpark by 13.4% during the third quarter. UBS Group AG now owns 8,450 shares of the company’s stock valued at $98,000 after buying an additional 1,000 shares during the period. Finally, SNS Financial Group LLC purchased a new position in CleanSpark during the fourth quarter valued at approximately $130,000. 30.57% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark (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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