Cleanspark (NASDAQ:CLSK) Trading 8.1% Higher – Still a Buy?

Cleanspark, Inc. (NASDAQ:CLSK) traded up 8.1% on Friday . The company traded as high as $14.45 and last traded at $14.2630. 24,184,082 shares traded hands during trading, a decline of 20% from the average session volume of 30,191,611 shares. The stock had previously closed at $13.19.

Analysts Set New Price Targets

Several research firms recently commented on CLSK. Maxim Group began coverage on shares of Cleanspark in a report on Thursday, January 8th. They set a “buy” rating and a $22.00 target price on the stock. Sanford C. Bernstein raised their price objective on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Needham & Company LLC boosted their target price on Cleanspark from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, November 26th. HC Wainwright dropped their target price on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, November 26th. Finally, BTIG Research raised their price target on Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $23.06.

Cleanspark Stock Performance

The business has a fifty day moving average of $12.31 and a 200 day moving average of $13.04. The company has a market cap of $3.48 billion, a P/E ratio of 12.26 and a beta of 3.47. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.30.

Insider Transactions at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of the business’s 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 transaction, the director owned 107,289 shares in the company, valued at $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total value of $997,332.35. Following the sale, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. The trade was a 67.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its holdings in shares of Cleanspark by 38.9% in the third quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock worth $40,000 after buying an additional 745 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Cleanspark by 4.0% in the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock worth $291,000 after acquiring an additional 781 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cleanspark by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock worth $375,000 after acquiring an additional 873 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Cleanspark by 7.8% during the 3rd quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after acquiring an additional 932 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in shares of Cleanspark by 115.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

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.