CleanSpark Inc. (NASDAQ: CLSK) stock jumped 6.02% on Friday to $2.64 against a previous-day closing price of $2.49. With 4.47 million shares changed hands, the volume of the stock remained heavier than its average volume of 3.2 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $2.6700 whereas the lowest price it dropped to was $2.4750. The 52-week range on CLSK shows that it touched its highest point at $13.91 and its lowest point at $1.74 during that stretch. It currently has a 1-year price target of $8.00. Beta for the stock currently stands at 3.22.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CLSK was down-trending over the past week, with a drop of -1.12%, but this was up by 48.31% over a month. Three-month performance dropped to -10.20% while six-month performance fell -45.73%. The stock lost -62.97% in the past year, while it has gained 29.41% so far this year. A look at the trailing 12-month EPS for CLSK yields -0.85 with Next year EPS estimates of -0.10. For the next quarter, that number is -0.62. This implies an EPS growth rate of -232.20% for this year and 95.00% for next year.
Float and Shares Shorts:
At present, 47.42 million CLSK shares are outstanding with a float of 40.97 million shares on hand for trading. On Oct 13, 2022, short shares totaled 6.75 million, which was 14.33% higher than short shares on Sep 14, 2022. In addition to Mr. S. Matthew Schultz as the firm’s Exec. Chairman, Mr. Zachary K. Bradford serves as its CEO, Pres & Director.
Through their ownership of 32.03% of CLSK’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 8.95% of CLSK, in contrast to 4.35% held by mutual funds. Shares owned by individuals account for 19.92%. As the largest shareholder in CLSK with 3.71% of the stake, BlackRock Fund Advisors holds 2,658,825 shares worth 2,658,825. A second-largest stockholder of CLSK, The Vanguard Group, Inc., holds 2,267,426 shares, controlling over 3.16% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in CLSK, holding 1,251,973 shares or 1.75% stake. With a 2.90% stake in CLSK, the Invesco Mkts. II Plc – CoinShares is the largest stakeholder. A total of 2,079,776 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.72% of CLSK stock, is the second-largest Mutual Fund holder. It holds 1,947,178 shares valued at 3.97 million. iShares Russell 2000 ETF holds 1.64% of the stake in CLSK, owning 1,173,541 shares worth 2.39 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CLSK since 3 analysts follow the stock currently. There are 3 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With CLSK analysts setting a high price target of $12.00 and a low target of $5.00, the average target price over the next 12 months is $7.33. Based on these targets, CLSK could surge 354.55% to reach the target high and rise by 89.39% to reach the target low. Reaching the average price target will result in a growth of 177.65% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. CLSK will report FY 2023 earnings on 12/20/2023. Analysts have provided yearly estimates in a range of -$0.91 being high and -$3.12 being low. For CLSK, this leads to a yearly average estimate of -$1.96. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. CleanSpark Inc. surprised analysts by -$1.05 when it reported -$1.42 EPS against a consensus estimate of -$0.38. The surprise factor in the prior quarter was -$0.24. Based on analyst estimates, the high estimate for the next quarter is -$0.35 and the low estimate is -$0.82. The average estimate for the next quarter is thus -$0.60.
Summary of Insider Activity:
Insiders traded CLSK stock several times over the past three months with 5 Buys and 0 Sells. In these transactions, 374,952 shares were bought while 0 shares were sold. The number of buy transactions has increased to 18 while that of sell transactions has risen to 4 over the past year. The total number of shares bought during that period was 4,670,338 while 385,860 shares were sold.