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CleanSpark (CLSK) Soars 8.6%: Is Further Upside Left in the Stock?
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CleanSpark (CLSK - Free Report) shares ended the last trading session 8.6% higher at $5.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.8% gain over the past four weeks.
The price appreciation can be due to the recent mining update released by the company. During the quarter the company mined 1,624 bitcoins while the bitcoin holdings grew 170% as compare to the previous quarter.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -58.3%. Revenues are expected to be $46.2 million, up 48.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with 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, Cardlytics (CDLX - Free Report) , finished the last trading session 8.1% lower at $5.78. CDLX has returned 13.3% over the past month.
For Cardlytics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.38. This represents a change of +41.5% from what the company reported a year ago. Cardlytics currently has a Zacks Rank of #3 (Hold).
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CleanSpark (CLSK) Soars 8.6%: Is Further Upside Left in the Stock?
CleanSpark (CLSK - Free Report) shares ended the last trading session 8.6% higher at $5.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.8% gain over the past four weeks.
The price appreciation can be due to the recent mining update released by the company. During the quarter the company mined 1,624 bitcoins while the bitcoin holdings grew 170% as compare to the previous quarter.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -58.3%. Revenues are expected to be $46.2 million, up 48.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with 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 #2 (Buy). 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, Cardlytics (CDLX - Free Report) , finished the last trading session 8.1% lower at $5.78. CDLX has returned 13.3% over the past month.
For Cardlytics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.38. This represents a change of +41.5% from what the company reported a year ago. Cardlytics currently has a Zacks Rank of #3 (Hold).