CleanSpark (NASDAQ:CLSK) Lowered to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of CleanSpark (NASDAQ:CLSKGet Rating) from a hold rating to a strong sell rating in a research note released on Thursday, 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. “

A number of other brokerages also recently issued reports on CLSK. HC Wainwright restated a buy rating and set a $16.00 price target on shares of CleanSpark in a report on Monday. BTIG Research decreased their price objective on shares of CleanSpark from $35.00 to $30.00 in a research report on Thursday, February 10th.

CleanSpark stock traded up $0.02 during mid-day trading on Thursday, reaching $5.87. 8,001 shares of the company were exchanged, compared to its average volume of 2,256,437. The business has a fifty day moving average of $9.29 and a 200 day moving average of $11.01. The firm has a market cap of $242.37 million, a P/E ratio of -20.17 and a beta of 4.77. CleanSpark has a 12-month low of $4.53 and a 12-month high of $23.60.

CleanSpark (NASDAQ:CLSKGet Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.18. CleanSpark had a positive return on equity of 3.21% and a negative net margin of 6.34%. During the same period in the prior year, the business posted $0.05 EPS. As a group, equities research analysts predict that CleanSpark will post 0.41 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in CleanSpark by 10.8% during the first quarter. BlackRock Inc. now owns 2,524,449 shares of the company’s stock worth $31,228,000 after buying an additional 246,633 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of CleanSpark by 27.1% in the first quarter. Vanguard Group Inc. now owns 2,340,738 shares of the company’s stock valued at $28,955,000 after purchasing an additional 498,502 shares in the last quarter. State Street Corp lifted its holdings in shares of CleanSpark by 15.7% in the first quarter. State Street Corp now owns 1,118,766 shares of the company’s stock valued at $13,839,000 after purchasing an additional 151,952 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of CleanSpark by 11.4% during the third quarter. Geode Capital Management LLC now owns 600,900 shares of the company’s stock valued at $6,964,000 after buying an additional 61,601 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of CleanSpark by 11.9% during the first quarter. Northern Trust Corp now owns 336,279 shares of the company’s stock valued at $4,159,000 after buying an additional 35,706 shares during the period. Institutional investors and hedge funds own 30.57% 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.

Read More

Get a free copy of the Zacks research report on CleanSpark (CLSK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CleanSpark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CleanSpark and related companies with MarketBeat.com's FREE daily email newsletter.