Cleanspark (NASDAQ:CLSK) Trading Up 6.3% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK) shot up 6.3% on Wednesday . The stock traded as high as $12.40 and last traded at $12.6070. 2,886,097 shares were traded during trading, a decline of 90% from the average session volume of 27,656,379 shares. The stock had previously closed at $11.86.

Analyst Upgrades and Downgrades

CLSK has been the topic of several recent research reports. B. Riley dropped their price objective on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target on the stock in a research note on Monday, November 24th. HC Wainwright cut their price target on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, November 26th. Wall Street Zen lowered Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Finally, BTIG Research boosted their target price on Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

Cleanspark Stock Up 7.4%

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.18 and a quick ratio of 4.18. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 10.84 and a beta of 3.79. The firm’s 50-day simple moving average is $15.27 and its two-hundred day simple moving average is $12.71.

Insider Buying and Selling at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of the company’s stock in a transaction that occurred 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. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Cleanspark

Several large investors have recently bought and sold shares of the company. Hantz Financial Services Inc. raised its stake in shares of Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after buying an additional 937 shares during the last quarter. Quarry LP acquired a new position in Cleanspark during the third quarter worth about $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Cleanspark during the second quarter worth about $29,000. Fifth Third Bancorp lifted its holdings in shares of Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Cleanspark in the third quarter valued at approximately $32,000. 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.