Cleanspark (NASDAQ:CLSK) Rating Lowered to “Strong Sell” at Zacks Research

Cleanspark (NASDAQ:CLSK) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

CLSK has been the topic of a number of other reports. Sanford C. Bernstein upped their price target on Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. HC Wainwright reduced their target price on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. Macquarie lowered their price target on Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Wednesday, November 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Cleanspark in a research note on Monday, December 29th. Finally, Maxim Group initiated coverage on shares of Cleanspark in a research note on Thursday, January 8th. They set a “buy” rating and a $22.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.06.

Cleanspark Trading Up 3.9%

NASDAQ CLSK opened at $13.71 on Thursday. Cleanspark has a 52 week low of $6.45 and a 52 week high of $23.61. The company has a 50 day moving average price of $12.36 and a 200 day moving average price of $13.05. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.30. The firm has a market cap of $3.50 billion, a PE ratio of 12.35 and a beta of 3.47.

Insider Buying and Selling

In other Cleanspark news, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark 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 completion of the sale, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. The trade was a 67.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction 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 completion of the sale, the director owned 107,289 shares in the company, valued at $1,611,480.78. The trade was a 23.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

Several institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Cleanspark in the first quarter worth about $68,000. Caxton Associates LLP purchased a new stake in Cleanspark in the 1st quarter worth approximately $169,000. United Services Automobile Association acquired a new stake in shares of Cleanspark during the 1st quarter worth approximately $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cleanspark by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after purchasing an additional 86,229 shares during the period. Finally, Strs Ohio purchased a new position in shares of Cleanspark during the 1st quarter valued at approximately $38,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Company Profile

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.