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

CleanSpark (NASDAQ:CLSKGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued 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. “

Other equities research analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $16.00 price objective on shares of CleanSpark in a report on Monday, May 16th. BTIG Research decreased their price objective on CleanSpark from $35.00 to $30.00 in a report on Thursday, February 10th.

NASDAQ CLSK opened at $5.65 on Thursday. The company has a market cap of $233.29 million, a price-to-earnings ratio of -19.48 and a beta of 4.77. CleanSpark has a 52 week low of $4.53 and a 52 week high of $23.60. The business has a 50 day moving average price of $9.21 and a 200-day moving average price of $10.89.

CleanSpark (NASDAQ:CLSKGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.48 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 quarter in the prior year, the business earned $0.05 earnings per share. On average, equities analysts expect that CleanSpark will post 0.41 EPS for the current year.

A number of institutional investors have recently made changes to their positions in the stock. UBS Group AG lifted its position in shares of 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 buying an additional 1,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 buying an additional 1,575 shares during the last quarter. American International Group Inc. lifted its position in shares of CleanSpark by 8.9% during the 1st quarter. American International Group Inc. now owns 19,814 shares of the company’s stock valued at $245,000 after buying an additional 1,612 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of CleanSpark by 166.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the company’s stock valued at $40,000 after purchasing an additional 2,000 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of 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 during the period. Institutional investors and hedge funds own 30.57% of the company’s stock.

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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