Cleanspark (NASDAQ:CLSK) Shares Gap Up – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price gapped up prior to trading on Friday . The stock had previously closed at $9.55, but opened at $10.00. Cleanspark shares last traded at $10.1890, with a volume of 5,923,420 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLSK. Weiss Ratings downgraded shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, February 9th. Northland Securities began coverage on shares of Cleanspark in a research note on Tuesday, January 13th. They set an “outperform” rating and a $22.50 price objective for the company. HC Wainwright reduced their target price on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. B. Riley Financial dropped their price target on Cleanspark from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Finally, Wall Street Zen downgraded Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.60.

Cleanspark Stock Up 7.1%

The firm has a market capitalization of $2.62 billion, a PE ratio of -9.50 and a beta of 3.51. The firm’s 50 day moving average price is $11.05 and its two-hundred day moving average price is $12.84. The company has a quick ratio of 10.54, a current ratio of 10.54 and a debt-to-equity ratio of 1.29.

Insider Buying and Selling at Cleanspark

In other news, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total transaction of $997,332.35. Following the completion of the sale, the director directly owned 41,421 shares in the company, valued at $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marex Group plc grew its holdings in Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after acquiring an additional 5,377,976 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of Cleanspark during the third quarter worth about $56,056,000. Dimensional Fund Advisors LP grew its stake in Cleanspark by 80.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,779,062 shares of the company’s stock worth $78,731,000 after purchasing an additional 3,467,841 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Cleanspark in the fourth quarter worth about $26,125,000. Finally, Situational Awareness LP bought a new stake in Cleanspark in the fourth quarter valued at about $16,601,000. 43.12% of the stock is currently owned by hedge funds and other 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.