Why CleanSpark Stock Is Up After Earnings

CleanSpark, Inc. CLSK shares are trading higher Friday after the company posted better-than-expected first-quarter financial results and Bitcoin BTC trades around the $47,000 mark.

The Details:

After the bell Thursday, CleanSpark reported quarterly earnings of 14 cents per share, representing a 130.43% increase over losses of 46 cents per share from the same period last year.

The company also reported quarterly sales of $73.79 million, beating the analyst consensus estimate of $70.41 million by 4.79% and representing a 165.24% increase over sales of $27.82 million year-over-year. 

CleanSpark shares are blasting higher following the strong earnings report and have gained more than 50% over the past five days. The stock had already gained 20% before the earnings release on news that CleanSpark entered into definitive agreements to acquire three turnkey bitcoin mining facilities for a cash payment of $19.8 million and amid strength in Bitcoin earlier in the week.  

The stock is climbing on heavy trading volume Friday with more than 30.17 million shares already traded in the session, surpassing its 100-day average volume of 25.591 million shares. 

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CLSK Price Action: According to Benzinga Pro, CleanSpark shares are up 22.2% at $12.83 at the time of publication.

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