Cleanspark (NASDAQ:CLSK) Price Target Cut to $18.00 by Analysts at Keefe, Bruyette & Woods

Cleanspark (NASDAQ:CLSK) had its price objective dropped by analysts at Keefe, Bruyette & Woods from $18.50 to $18.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 44.69% from the stock’s previous close.

A number of other research analysts have also recently issued reports on CLSK. Northland Securities initiated coverage on shares of Cleanspark in a research note on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 target price for the company. Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. upgraded Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Monday, November 24th. BTIG Research increased their target price on Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Finally, Maxim Group began coverage on Cleanspark in a research note on Thursday, January 8th. They issued a “buy” rating and a $22.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.98.

Cleanspark Trading Down 9.3%

Shares of Cleanspark stock opened at $12.44 on Tuesday. The stock has a market capitalization of $3.18 billion, a P/E ratio of 11.21 and a beta of 3.47. Cleanspark has a 12-month low of $6.45 and a 12-month high of $23.61. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.30. The company has a 50-day simple moving average of $12.40 and a 200 day simple moving average of $13.07.

Insider Activity

In other news, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total transaction of $495,660.00. Following the completion of the sale, the director owned 107,289 shares in the company, valued at $1,611,480.78. The trade was a 23.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock was sold at an average price of $11.69, for a total transaction of $997,332.35. Following the sale, the director directly owned 41,421 shares of the company’s stock, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Cleanspark by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company’s stock worth $377,752,000 after buying an additional 769,148 shares during the period. Geode Capital Management LLC boosted its stake in Cleanspark by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company’s stock worth $83,139,000 after acquiring an additional 101,401 shares during the last quarter. Invesco Ltd. grew its holdings in Cleanspark by 22.1% during the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after purchasing an additional 810,203 shares during the period. Tidal Investments LLC increased its stake in Cleanspark by 13.3% in the third quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock valued at $63,313,000 after purchasing an additional 514,062 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Cleanspark by 57.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock valued at $62,521,000 after purchasing an additional 1,564,761 shares in the last quarter. 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.