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Stocks of software firm CleanSpark Inc (US:CLSK, NASDAQ:CLSK) soared as much as 2.5 per cent in the premarket trading hours on Thursday, May 27. Meanwhile, natural gas company Tellurian Inc (TELL:US, NASDAQ:US) saw its stocks zoom over 24 per cent before the opening bell.
Both stocks have recorded a notable triple-digit one-year growth, guided by the green energy drive across North America. Let us analyze these two stocks’ price movement more closely.
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CleanSpark Inc (US:CLSK, NASDAQ:CLSK)
The latest surge in CleanSpark stocks came in the light of its collaboration with Swiss wind turbine tech firm FlowGen, in which it plans to offer advanced wind turbine solutions.
The software company provides sustainable energy solutions to its energy clients and also offers waste management products that help convert solid waste into synthesis gas.
CleanSpark also has Bitcoin mining operations.
Currently priced at US$ 17.08, CleanSpark stocks skyrocketed by 738 per cent in the past one year. However, the stock is currently marching in a bear market and trading below its moving average multiple. It is down 41.50 per cent year-to-date (YTD).
The company expects to capitalize on its green crypto mining operations from its latest wind energy partnership. The stock could recover some lost ground in the wake of the latest announcement.
Tellurian Inc (TELL:US, NASDAQ:US)
Tellurian stocks rose on Thursday on the back of its deal with commodity trader Gunvor Group. Both parties have signed a 10-year agreement and expect a delivery of three million tonnes of liquefied natural gas (LNG) annually.
Stocks of the US-based oil and gas producer are on a gaining spree, up around 148 per cent YTD. The scrip, at US$ 3.875 apiece (10:30 AM ET), is up more than 22 per cent from its previous closing price of US$ 3.17.
Its first-hour trading volume on Thursday was 40.45 million shares, up against its 30-day average volume of 9.532 million.
The natural gas stock was trading 78.47 per cent above its 200-day simple moving average on Wednesday, reflecting a sharp rally.
After signing the LNG deal with Gunvor Group, the company expects to reel in approximately US$ 12 billion in revenue over the next 10 years. The energy stock could continue its present rally on the back of this agreement.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
