Cleanspark (NASDAQ:CLSK) Trading 8.9% Higher – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price traded up 8.9% during mid-day trading on Friday . The stock traded as high as $10.30 and last traded at $10.1380. 8,830,715 shares were traded during mid-day trading, a decline of 72% from the average session volume of 31,266,533 shares. The stock had previously closed at $9.31.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price objective on the stock in a report on Monday, November 24th. Cantor Fitzgerald reduced their price target on Cleanspark from $21.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Northland Securities assumed coverage on Cleanspark in a report on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 price objective on the stock. HC Wainwright dropped their price objective on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Weiss Ratings downgraded shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.70.

Cleanspark Stock Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 10.54 and a quick ratio of 10.54. The stock has a market cap of $2.50 billion, a P/E ratio of -9.22 and a beta of 3.47. The stock has a 50-day simple moving average of $11.96 and a 200-day simple moving average of $12.91.

Insider Activity at Cleanspark

In related news, Director Thomas Leigh Wood sold 85,315 shares of the firm’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 sale, the director owned 41,421 shares of the company’s stock, valued at $484,211.49. This trade represents a 67.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Amanda Cavaleri sold 33,000 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $15.02, for a total value of $495,660.00. Following the sale, the director owned 107,289 shares in the company, 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. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several large investors have recently bought and sold shares of CLSK. Smartleaf Asset Management LLC raised its holdings in shares of Cleanspark by 38.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock worth $40,000 after acquiring an additional 745 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Cleanspark by 4.0% in the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock worth $291,000 after purchasing an additional 781 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cleanspark by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock valued at $375,000 after purchasing an additional 873 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Cleanspark by 7.8% during the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after buying an additional 932 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after acquiring an additional 937 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.