CleanSpark shares take a dive ahead of earnings report

CleanSpark Inc. had a rough Thursday, with shares sinking as investors brace for the company’s first-quarter fiscal 2026 earnings report, set to drop after the market closes today.

It’s not exactly a “buy the rumor, sell the news” situation — more like “wait and see… but we’re nervous.”

Analysts are pegging CleanSpark’s expected earnings per share (EPS) at $0.09 for the quarter. While that’s nice, the company’s performance comes at a time when cryptocurrency markets are as volatile as a Tesla driver’s mood after a software update.

And it’s no secret that these rollercoaster markets have been shaking up mining stocks across the sector.

Crypto market turmoil: Because why not?

At the time of publication, CleanSpark shares were down 19.13%, hovering at $8.26. Investors are on edge as they wait for that earnings report, and with the volatility in the crypto sector, it’s anyone’s guess where the stock might land next.

So far, analysts seem to be sticking with CleanSpark for the most part. The stock holds a Buy Rating with an average price target of $23.16. Recent analyst moves include:

• Keefe, Bruyette & Woods: Outperform (lowered target to $18.00)
• Maxim Group: Initiated with Buy (target $22.00)
• Chardan Capital: Buy (maintained target of $30.00)

Technical talk: Don’t look. It’s ugly

CleanSpark’s technicals are looking a bit grim, too. The stock is 25.9% below its 20-day simple moving average (SMA) and a whopping 34.9% below its 100-day SMA, indicating a serious short-term slump. Over the past year, shares have dropped 10.81%, and right now, they’re hanging out closer to their 52-week lows than their highs — not exactly where you’d want to be for a quick turnaround.

With an RSI of 38.28 (aka neutral territory) and the MACD below its signal line, the stock seems to be caught in a bearish holding pattern. It’s not in full-on “panic sell” territory, but let’s just say the mood isn’t exactly “sunny and 75.”