Bitcoin Mining Stock CleanSpark Is Sliding Monday: What's Going On?
Portfolio Pulse from Adam Eckert
CleanSpark Inc (NASDAQ:CLSK) shares are trading lower after the company reported third-quarter revenue of $104.11 million, missing analyst estimates of $110.88 million. Despite an adjusted loss of 1 cent per share beating estimates, the stock is down. CleanSpark also acquired a $50 million revolving line of credit from Coinbase Global Inc (NASDAQ:COIN).
August 12, 2024 | 7:24 pm
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NEGATIVE IMPACT
CleanSpark reported Q3 revenue of $104.11 million, missing analyst estimates, but beat EPS expectations with an adjusted loss of 1 cent per share. The stock is down 3.93% following the news.
The miss on revenue estimates is likely causing the stock to trade lower despite the EPS beat. The market often reacts negatively to revenue misses, especially when expectations are not met.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
CleanSpark acquired a $50 million revolving line of credit from Coinbase Global Inc. This could indicate a strategic partnership and financial stability for CleanSpark.
The acquisition of a credit line from Coinbase suggests financial stability and potential strategic benefits for both companies. This could be seen as a positive development for Coinbase.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50