CleanSpark Inc. (CLSK) is having the kind of day that makes you wonder if reporting earnings during a crypto meltdown is really the best timing. Shares of the Bitcoin miner tanked over 10% Thursday as investors prepared for the company's first-quarter fiscal 2026 results, which are due out after the closing bell.

What Analysts Expect

Wall Street consensus pegs CleanSpark's earnings at $0.09 per share for the quarter. That's the number everyone's watching, though it's worth noting the company is dealing with some serious headwinds from the broader cryptocurrency market, which has been nothing short of chaotic lately.

Bitcoin's Rough Week

Speaking of chaos: Bitcoin (BTC) was trading at $67,015.29, down 7.49% in the past 24 hours and off a brutal 20.93% over the past week. When Bitcoin catches a cold, Bitcoin miners get pneumonia—and CleanSpark is feeling it.

The CMC Crypto Fear and Greed Index hit 11, firmly in "Extreme Fear" territory. That's a sharp deterioration from yesterday's reading of 14 (regular "Fear") and last week's 38 (still "Fear," but less panicky). According to CoinMarketCap data, sentiment has basically evaporated as the crypto market continues its slide.

The Technical Picture Looks Rough

CleanSpark is currently trading 25.9% below its 20-day simple moving average and 34.9% below its 100-day SMA—both signals of significant short-term weakness. Over the past year, shares have fallen 10.81%, and the stock is sitting much closer to its 52-week lows than its highs.

The RSI stands at 38.28, which is neutral territory (not oversold, but not exactly inspiring confidence either). Meanwhile, the MACD is below its signal line, flashing bearish signals. Together, these indicators suggest mixed momentum—the stock isn't in free fall territory just yet, but the downward pressure is real. Traders should tread carefully here.

• Key Resistance: $10.00
• Key Support: $9.00

Analyst Consensus & Recent Actions: Despite the carnage, analysts still have a Buy rating on the stock with an average price target of $23.16—more than double where it's trading now. Recent analyst activity includes:

• Keefe, Bruyette & Woods: Outperform rating, but lowered price target to $18.00 (Jan. 27)
• Maxim Group: Initiated coverage with Buy rating and $22.00 target (Jan. 8)
• Chardan Capital: Maintains Buy rating with $30.00 target (Jan. 7)

How CleanSpark Stacks Up

Looking at CleanSpark's fundamentals compared to the broader market:

• Value: Strong (Score: 77.62) — The stock appears undervalued relative to its peers, which could be a buying opportunity if you believe in the recovery story.
• Momentum: Weak (Score: 21.51) — The stock is clearly underperforming the market right now, which tracks with everything else we're seeing.

Where Things Stand

CleanSpark shares were down 10.71% at $9.68 at the time of publication Thursday. All eyes will be on those earnings results after the bell—and whether management has anything reassuring to say about navigating this crypto winter (or is it spring? hard to tell these days).