Cleanspark (NASDAQ:CLSK) Trading Down 7.5% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK) dropped 7.5% during mid-day trading on Monday . The company traded as low as $12.64 and last traded at $12.6750. Approximately 9,423,242 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 29,636,680 shares. The stock had previously closed at $13.71.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Macquarie 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. BTIG Research raised their target price on Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a report on Monday, October 13th. Chardan Capital reiterated a “buy” rating and set a $30.00 price target on shares of Cleanspark in a research note on Wednesday, January 7th. B. Riley lowered their price objective on Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Needham & Company LLC boosted their target price on Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. One investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.06.

Cleanspark Price Performance

The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 11.20 and a beta of 3.47. The stock has a fifty day simple moving average of $12.36 and a 200-day simple moving average of $13.07. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 85,315 shares of the company’s stock in a transaction dated 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 transaction, the director owned 41,421 shares of the company’s stock, valued at approximately $484,211.49. This represents a 67.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction dated Thursday, December 4th. The shares were 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 of the company’s stock, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several large investors have recently added to or reduced their stakes in the company. Voloridge Investment Management LLC bought a new stake in shares of Cleanspark during the third quarter valued at approximately $56,056,000. Dimensional Fund Advisors LP boosted its stake in Cleanspark by 57.0% during the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after buying an additional 1,564,761 shares in the last quarter. Tudor Investment Corp ET AL increased its holdings in Cleanspark by 496.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock valued at $25,118,000 after buying an additional 1,441,939 shares during the period. Azora Capital LP acquired a new position in shares of Cleanspark in the 3rd quarter valued at $15,300,000. Finally, SG Americas Securities LLC raised its stake in shares of Cleanspark by 739.7% in the 4th quarter. SG Americas Securities LLC now owns 1,128,257 shares of the company’s stock valued at $11,418,000 after buying an additional 993,900 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.