Cleanspark (NASDAQ:CLSK) Price Target Cut to $19.00 by Analysts at B. Riley Securities

Cleanspark (NASDAQ:CLSK) had its price objective lowered by B. Riley Securities from $22.00 to $19.00 in a research report released on Wednesday,Benzinga reports. B. Riley Securities currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CLSK. Maxim Group initiated coverage on Cleanspark in a research report on Thursday, January 8th. They set a “buy” rating and a $22.00 target price for the company. Macquarie Infrastructure cut their price target on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, November 26th. Chardan Capital decreased their price objective on shares of Cleanspark from $30.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Sanford C. Bernstein increased their price objective on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Finally, Cantor Fitzgerald decreased their target price on shares of Cleanspark from $21.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Cleanspark has a consensus rating of “Moderate Buy” and an average price target of $20.70.

Cleanspark Trading Down 0.5%

Shares of NASDAQ CLSK traded down $0.05 during trading hours on Wednesday, hitting $9.57. 3,234,938 shares of the company traded hands, compared to its average volume of 31,460,385. The company’s 50 day moving average price is $12.07 and its 200 day moving average price is $12.93. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -8.95 and a beta of 3.47. The company has a current ratio of 10.54, a quick ratio of 10.54 and a debt-to-equity ratio of 1.29.

Insider Buying and Selling at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total transaction of $495,660.00. Following the sale, the director directly owned 107,289 shares in the company, valued at approximately $1,611,480.78. This represents a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total transaction of $997,332.35. Following the transaction, the director owned 41,421 shares of the company’s stock, valued at approximately $484,211.49. The trade was a 67.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new stake in Cleanspark during the 1st quarter worth approximately $68,000. Caxton Associates LLP acquired a new position in shares of Cleanspark during the 1st quarter worth $169,000. United Services Automobile Association purchased a new stake in shares of Cleanspark in the first quarter valued at about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 valued at $4,025,000 after buying an additional 86,229 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Cleanspark during the first quarter worth about $38,000. Hedge funds and other institutional investors 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.