Cleanspark (NASDAQ:CLSK) Trading 8.1% Higher – What’s Next?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) traded up 8.1% on Friday . The company traded as high as $14.45 and last traded at $14.2630. 24,184,082 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 30,191,611 shares. The stock had previously closed at $13.19.

Analyst Ratings Changes

A number of analysts recently commented on the company. B. Riley dropped their price target on Cleanspark from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Chardan Capital reaffirmed a “buy” rating and issued a $30.00 target price on shares of Cleanspark in a research report on Wednesday, January 7th. HC Wainwright cut their target price on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Sanford C. Bernstein boosted their price target on shares of Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Finally, Maxim Group initiated coverage on shares of Cleanspark in a report on Thursday, January 8th. They issued a “buy” rating and a $22.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Cleanspark Stock Performance

The company has a market capitalization of $3.50 billion, a P/E ratio of 12.35 and a beta of 3.47. The company’s 50 day moving average is $12.36 and its 200-day moving average is $13.06. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30.

Insider Transactions at Cleanspark

In related news, Director Thomas Leigh Wood sold 85,315 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total value of $997,332.35. Following the sale, the director owned 41,421 shares in the company, valued at $484,211.49. This represents a 67.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total value of $495,660.00. Following the transaction, the director owned 107,289 shares of the company’s stock, valued at $1,611,480.78. The trade was a 23.52% decrease in their position. The SEC filing for this sale provides additional information. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Institutional investors and hedge funds have recently modified their holdings of the stock. Baird Financial Group Inc. lifted its position in Cleanspark by 191.6% during the second quarter. Baird Financial Group Inc. now owns 320,043 shares of the company’s stock valued at $3,530,000 after purchasing an additional 210,307 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Cleanspark by 119.6% during the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company’s stock valued at $4,803,000 after buying an additional 180,371 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Cleanspark by 620.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 55,490 shares of the company’s stock worth $612,000 after buying an additional 47,787 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Cleanspark by 35.8% in the third quarter. Exchange Traded Concepts LLC now owns 1,417,107 shares of the company’s stock worth $20,548,000 after acquiring an additional 373,259 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Cleanspark in the second quarter worth $2,105,000. 43.12% of the stock is currently owned by 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.