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Here's Why CleanSpark (CLSK) Fell More Than Broader Market

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The most recent trading session ended with CleanSpark (CLSK - Free Report) standing at $15.36, reflecting a -1.54% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.04%. At the same time, the Dow lost 0.03%, and the tech-heavy Nasdaq gained 0.03%.

Heading into today, shares of the company had lost 22.93% over the past month, lagging the Finance sector's gain of 2.49% and the S&P 500's gain of 2.57% in that time.

Analysts and investors alike will be keeping a close eye on the performance of CleanSpark in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.06, signifying a 126.09% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $104.95 million, indicating a 146.64% growth compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.14 per share and a revenue of $417.64 million, indicating changes of +89.15% and +158.74%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for CleanSpark. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, the Zacks Consensus EPS estimate has shifted 28.57% upward. CleanSpark is currently sporting a Zacks Rank of #2 (Buy).

The Financial - Miscellaneous Services industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 84, positioning it in the top 34% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.


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