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Strength Seen in CleanSpark (CLSK): Can Its 14.6% Jump Turn into More Strength?
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CleanSpark (CLSK - Free Report) shares soared 14.6% in the last trading session to close at $5.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 69.5% gain over the past four weeks.
The stock has been appreciating since it announced that it will be purchasing 45,000 units of Antminer S19 XP bitcoin mining machines for $144.9 million. This agreement is expected to enhance the bitcoin mining capacity of CleanSpark.
This company is expected to post quarterly loss of $0.37 per share in its upcoming report, which represents a year-over-year change of -840%. Revenues are expected to be $40.7 million, down 2.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For CleanSpark, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CLSK going forward to see if this recent jump can turn into more strength down the road.
CleanSpark is a member of the Zacks Technology Services industry. One other stock in the same industry, N-able (NABL - Free Report) , finished the last trading session 0.3% lower at $13.34. NABL has returned 11.8% over the past month.
N-able's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. Compared to the company's year-ago EPS, this represents a change of -11.1%. N-able currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in CleanSpark (CLSK): Can Its 14.6% Jump Turn into More Strength?
CleanSpark (CLSK - Free Report) shares soared 14.6% in the last trading session to close at $5.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 69.5% gain over the past four weeks.
The stock has been appreciating since it announced that it will be purchasing 45,000 units of Antminer S19 XP bitcoin mining machines for $144.9 million. This agreement is expected to enhance the bitcoin mining capacity of CleanSpark.
This company is expected to post quarterly loss of $0.37 per share in its upcoming report, which represents a year-over-year change of -840%. Revenues are expected to be $40.7 million, down 2.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For CleanSpark, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CLSK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
CleanSpark is a member of the Zacks Technology Services industry. One other stock in the same industry, N-able (NABL - Free Report) , finished the last trading session 0.3% lower at $13.34. NABL has returned 11.8% over the past month.
N-able's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. Compared to the company's year-ago EPS, this represents a change of -11.1%. N-able currently boasts a Zacks Rank of #3 (Hold).