Cleanspark (NASDAQ:CLSK) Trading Up 10.4% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK)’s share price was up 10.4% on Friday . The stock traded as high as $10.83 and last traded at $11.1690. Approximately 4,609,351 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 23,779,216 shares. The stock had previously closed at $10.12.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Macquarie dropped their target price on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, November 26th. Needham & Company LLC upped their price target on shares of Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. BTIG Research lifted their target price on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Chardan Capital reissued a “buy” rating and set a $30.00 price target on shares of Cleanspark in a research report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. upgraded Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price on the stock in a research note on Monday, November 24th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.20.

Cleanspark Trading Up 12.6%

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 stock’s 50-day moving average is $13.53 and its two-hundred day moving average is $12.82. The company has a market cap of $2.91 billion, a P/E ratio of 10.26 and a beta of 3.48.

Insiders Place Their Bets

In other news, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction that occurred 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 in the company, valued at $1,611,480.78. This represents a 23.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total transaction of $997,332.35. Following the sale, the director owned 41,421 shares of the company’s stock, valued at $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

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