Why CleanSpark (CLSK) Outpaced the Stock Market Today

The latest trading session saw CleanSpark (CLSK) ending at $8.12, denoting a +1.88% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a gain of 0.64% for the day. On the other hand, the Dow registered a gain of 0.85%, and the technology-centric Nasdaq increased by 0.31%.The company's shares have seen a decrease of 24.1% over the last month, not keeping up with the Finance sector's loss of 4.63% and the S&P 500's loss of 7.69%.The upcoming earnings release of CleanSpark will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.13, reflecting no change from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $229.66 million, up 105.42% from the year-ago period.In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.58 per share and a revenue of $899.96 million, indicating changes of +323.08% and +137.48%, respectively, from the former year.Any recent changes to analyst estimates for CleanSpark should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, CleanSpark possesses a Zacks Rank of #3 (Hold).Looking at valuation, CleanSpark is presently trading at a Forward P/E ratio of 13.74. This valuation marks a premium compared to its industry's average Forward P/E of 9.27.The Financial - Miscellaneous Services industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 39, which puts it in the top 16% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant 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