CleanSpark Inc. [CLSK] is -48.42% lower this YTD. Is it still time to buy?



CleanSpark Inc. [NASDAQ: CLSK] surged by $0.21 during the normal trading session on Wednesday and reaching a high of $5.1099 during the day while it closed the day at $4.91. The company report on July 14, 2022 that CleanSpark Expands Bitcoin Mining Capacity by over 90 Petahashes with Acquisition of Latest Generation Machines.

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Newly acquired machines are already fully operational; “This is an incredible market for builders,” said CEO Zach Bradford.

CleanSpark, Inc. (Nasdaq: CLSK), a sustainable bitcoin mining and energy technology company, today announced it has acquired 1,061 Whatsminer M30S machines that are already mining bitcoin at Coinmint’s renewable-powered co-location facility. The move adds about 93 petahashes per second (PH/s) of computing power to the Company’s existing mining capacity.

CleanSpark Inc. stock has also gained 17.18% of its value over the past 7 days. However, CLSK stock has declined by -48.37% in the 3 months of the year. Over the past six months meanwhile, it has lost -33.92% and lost -48.42% year-on date.

The market cap for CLSK stock reached $199.84 million, with 41.34 million shares outstanding and 39.42 million shares in the current float. Compared to the average trading volume of 1.80M shares, CLSK reached a trading volume of 2822167 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about CleanSpark Inc. [CLSK]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CLSK shares is $12.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CLSK stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Chardan Capital Markets have made an estimate for CleanSpark Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 03, 2022. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Buy. The new note on the price target was released on December 22, 2021, representing the official price target for CleanSpark Inc. stock. Previously, the target price had yet another raise to $45, while BTIG Research analysts kept a Buy rating on CLSK stock. On February 16, 2021, analysts increased their price target for CLSK shares from 24 to 50.

The Average True Range (ATR) for CleanSpark Inc. is set at 0.38, with the Price to Sales ratio for CLSK stock in the period of the last 12 months amounting to 1.64. The Price to Book ratio for the last quarter was 0.51, with the Price to Cash per share for the same quarter was set at 0.06.

CLSK stock trade performance evaluation

CleanSpark Inc. [CLSK] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.18. With this latest performance, CLSK shares gained by 5.59% in over the last four-week period, additionally sinking by -33.92% over the last 6 months – not to mention a drop of -63.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CLSK stock in for the last two-week period is set at 55.20, with the RSI for the last a single of trading hit 64.99, and the three-weeks RSI is set at 49.25 for CleanSpark Inc. [CLSK]. The present Moving Average for the last 50 days of trading for this stock 4.98, while it was recorded at 4.47 for the last single week of trading, and 10.28 for the last 200 days.

CleanSpark Inc. [CLSK]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and CleanSpark Inc. [CLSK] shares currently have an operating margin of -31.74 and a Gross Margin at -4.30. CleanSpark Inc.’s Net Margin is presently recorded at -44.12.

Return on Equity for this stock declined to -13.54, with Return on Assets sitting at -12.84.

CleanSpark Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.80 and a Current Ratio set at 1.90.

CleanSpark Inc. [CLSK]: Insider Ownership positions

There are presently around $61 million, or 30.90% of CLSK stock, in the hands of institutional investors. The top three institutional holders of CLSK stocks are: BLACKROCK INC. with ownership of 2,524,449, which is approximately 10.828% of the company’s market cap and around 1.90% of the total institutional ownership; VANGUARD GROUP INC, holding 2,340,738 shares of the stock with an approximate value of $11.49 million in CLSK stocks shares; and STATE STREET CORP, currently with $5.49 million in CLSK stock with ownership of nearly 15.717% of the company’s market capitalization.

Positions in CleanSpark Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 56 institutional holders increased their position in CleanSpark Inc. [NASDAQ:CLSK] by around 2,445,662 shares. Additionally, 40 investors decreased positions by around 2,835,769 shares, while 21 investors held positions by with 7,202,407 shares. The mentioned changes placed institutional holdings at 12,483,838 shares, according to the latest SEC report filing. CLSK stock had 19 new institutional investments in for a total of 385,359 shares, while 14 institutional investors sold positions of 796,712 shares during the same period.