The stock of CleanSpark, Inc. (NASDAQ:CLSK) is now priced at $10.08 and the shares are 0.6 points up or 6.33% higher compared to its previous closing price of $9.48. The stock had 2.549 million contracts set over the past session. CLSK shares’ daily volume is compared to its average trading volume at 5.126 million shares. However, it has a float of 16.17 million and although its performance was -17.24% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CLSK share price recently placing at $9.71 to $10.75. However, some brokerage firms have priced the stock below the average, including one that has called $18.
The shorts are climbing into the CleanSpark, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CLSK shares have risen. Short interest in the stock represents just 5.9% of its float, but the volume has raised by 661678. The volume of shorted shares rised to 953930 from 292252 shares over the last two weeks. The average intraday trading volume has been 5.804 million shares, which means that days to cover moved to roughly 1.
In the last trading session, CleanSpark, Inc. (NASDAQ:CLSK) dropped by -$2.1 over the week and gained $3.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.98. The stock recorded its established 52-week high on 08/19/20.
Since 03/17/20, the stock has traded to a low of $0.97 at 939.18%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, CleanSpark, Inc.’s two-week RSI is 54.19. This suggests that the stock is neutral at the moment and that CLSK shares’ price movement remains stable. The stochastic readings are equally revealing at 11.66% meaning the CLSK share price is currently in overbought territory.
The technical chart shows that the CLSK stock will likely settle at between $10.65 and $11.22 per share. However, if the stock dips below $9.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.14.
Currently, the stock is trading in the red of MACD, with a reading of -1.63. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the CLSK equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking CleanSpark, Inc. polled by Reuters, 0 rated CLSK as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 40.3. CleanSpark, Inc. has its P/E ratio at 9.5, which means that the stock is currently trading at a discount relative to the 13.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for CleanSpark, Inc. (NASDAQ:CLSK) will decrease by about -99.94%, which will see them reach $2.14 million. The company’s full-year revenues are, however, expected to increase by about 125.61%, up from $4.53 million to $10.22 million. CLSK’s expected adjusted earnings should drop almost -90.18% to end up at -$0.27 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -58.72% to record -$2.58/share.