CleanSpark (CLSK) Stock Sinks As Market Gains: Here's Why

CleanSpark (CLSK) closed the most recent trading day at $8.73, moving -0.68% from the previous trading session. This change lagged the S&P 500's 0.16% gain on the day. On the other hand, the Dow registered a gain of 0.01%, and the technology-centric Nasdaq increased by 0.46%.The company's shares have seen a decrease of 1.24% over the last month, not keeping up with the Finance sector's loss of 0.19% and outstripping the S&P 500's loss of 3.59%.Analysts and investors alike will be keeping a close eye on the performance of CleanSpark in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.02, marking an 84.62% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $191.98 million, reflecting a 71.72% rise from the equivalent quarter last year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.85 per share and revenue of $810.72 million, indicating changes of +426.92% and +113.93%, respectively, compared to the previous year.Additionally, investors should keep an eye on any recent revisions to analyst forecasts for CleanSpark. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 46.55% higher. CleanSpark currently has a Zacks Rank of #3 (Hold).Investors should also note CleanSpark's current valuation metrics, including its Forward P/E ratio of 10.34. This expresses a premium compared to the average Forward P/E of 9.55 of its industry.The Financial - Miscellaneous Services industry is part of the Finance sector. With its current Zacks Industry Rank of 36, this industry ranks in the top 15% of all industries, numbering over 250.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleanspark, Inc. (CLSK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks