Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price14.46 USD
Fair value24.00
Ethical score30.0/100
Our investment reviews on this name
2026-10-02Read Accumulation14.46+0.0% to today ✓
2026-08-25Read Distribution11.73+23.3% to today
2026-07-25Read Markup13.03+11.0% to today ✓
2026-07-02Read Accumulation16.48-12.3% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
CleanSpark, Inc. holds its Accumulation at $14.46. Consolidating, no directional conviction, held for 15 days.
As held on the ledger · 2026-09-23
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 15 days
Price at the screen
$14.46
Valuation
N/A trailing · -9.44 forward price to earnings
Values screen
FAIL· score 30.0
Beta
3.85
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: financial services
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: financial services
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
CleanSpark, does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-23 screen. The gold marker is the market price at the same screen. A 66.0% margin of safety to the base estimate.
Third-party analyst targets: 13 covering, consensus Strong Buy. The average target sits +66% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Bitcoin miner trips ethics screen before value
Every new block mined pulls real power from the grid and funnels it into a digital commodity that sits squarely inside financial services. CleanSpark fails the ethical screen on that sector link alone, so we pass regardless of the $22 analyst target or the 69 percent gap to our own fair value. The business simply does not clear the first gate.
Numbers reinforce the decision rather than contradict it. Revenue is falling 25 percent, profit margins sit at minus 68 percent, and return on equity is minus 35 percent. Forward earnings are negative, the moat is unknown, and an opportunity rating of none already signals limited conviction from our side.
High cyclical exposure to Bitcoin prices adds the usual volatility while the ethical block remains permanent. We are not interested in finding work-arounds. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CLSK trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 23.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (12 analysts) rates it none, with a mean price target of $20. Insiders have been net sellers over the past quarter.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (12 analysts) rates it none, with a mean price target of $20. Insiders have been net sellers over the past quarter.
2026-07-25Markup · changed$13.03-20.9%Entry 4
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 20.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (12 analysts) rates it none, with a mean price target of $20.
2026-07-18Accumulation$16.48+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 49%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (12 analysts) rates it none, with a mean price target of $20.
2026-07-03Accumulation$16.48+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Accumulation$16.48Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
