Cleanspark (NASDAQ:CLSK) Stock Price Down 7.3% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) fell 7.3% during trading on Tuesday . The company traded as low as $11.53 and last traded at $11.4010. 10,751,405 shares were traded during mid-day trading, a decline of 51% from the average session volume of 21,946,258 shares. The stock had previously closed at $12.30.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Needham & Company LLC lifted their price target on shares of Cleanspark from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Monday, November 24th. Chardan Capital reissued a “buy” rating and issued a $30.00 target price on shares of Cleanspark in a research report on Wednesday. HC Wainwright decreased their price target on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Finally, Maxim Group assumed coverage on Cleanspark in a research report on Thursday. They set a “buy” rating and a $22.00 price target for the company. Twelve analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.10.

Cleanspark Price Performance

The company’s 50-day simple moving average is $12.82 and its 200 day simple moving average is $12.92. The company has a market cap of $3.06 billion, a PE ratio of 10.80 and a beta of 3.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total transaction of $997,332.35. Following the sale, the director owned 41,421 shares of the company’s stock, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amanda Cavaleri sold 33,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $15.02, for a total transaction of $495,660.00. Following the sale, the director owned 107,289 shares of the company’s stock, valued at $1,611,480.78. This represents a 23.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds have recently modified their holdings of the business. Hantz Financial Services Inc. lifted its position in Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after purchasing an additional 937 shares during the period. Quarry LP purchased a new position in Cleanspark in the third quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Cleanspark in the second quarter worth $29,000. Fifth Third Bancorp lifted its holdings in Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after acquiring an additional 1,694 shares during the period. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Cleanspark during the 3rd quarter worth $32,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

About Cleanspark

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.