Cleanspark (NASDAQ:CLSK) Trading Down 8.8% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price was down 8.8% during trading on Wednesday . The stock traded as low as $10.63 and last traded at $10.3570. Approximately 2,888,912 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 30,317,518 shares. The stock had previously closed at $11.36.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLSK. Macquarie cut their price objective on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 26th. B. Riley cut their price target on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $21.00 price objective on shares of Cleanspark in a research report on Wednesday, November 26th. Northland Securities assumed coverage on Cleanspark in a research report on Tuesday, January 13th. They set an “outperform” rating and a $22.50 target price for the company. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Cleanspark in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.98.

Cleanspark Price Performance

The company’s 50-day simple moving average is $12.59 and its 200 day simple moving average is $13.05. The company has a market cap of $2.56 billion, a PE ratio of 9.04 and a beta of 3.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of the firm’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 directly owned 107,289 shares in the company, valued at $1,611,480.78. This trade 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 available at this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of the stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total value of $997,332.35. Following the completion of the transaction, the director owned 41,421 shares in the company, valued at approximately $484,211.49. The trade was a 67.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

A number of large investors have recently bought and sold shares of the company. Voloridge Investment Management LLC acquired a new stake in shares of Cleanspark in the 3rd quarter valued at approximately $56,056,000. UBS Group AG increased its stake in Cleanspark by 81.1% in the 4th quarter. UBS Group AG now owns 3,579,166 shares of the company’s stock valued at $36,221,000 after purchasing an additional 1,602,830 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 1,564,761 shares during the last quarter. Tudor Investment Corp ET AL boosted its position in Cleanspark by 496.7% during the third quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock worth $25,118,000 after purchasing an additional 1,441,939 shares in the last quarter. Finally, Azora Capital LP acquired a new stake in Cleanspark in the third quarter valued at $15,300,000. Hedge funds and other institutional investors 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.