Maxim Group Begins Coverage on Cleanspark (NASDAQ:CLSK)

Stock analysts at Maxim Group assumed coverage on shares of Cleanspark (NASDAQ:CLSK) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $22.00 price target on the stock. Maxim Group’s price target points to a potential upside of 84.18% from the company’s current price.

Other equities analysts have also issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and set a $21.00 price target on shares of Cleanspark in a research note on Wednesday, November 26th. Macquarie lowered their target price on Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research report 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 report on Monday, November 24th. B. Riley decreased their price target 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. Finally, Wall Street Zen cut shares of Cleanspark from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Cleanspark presently has a consensus rating of “Moderate Buy” and an average price target of $23.10.

Cleanspark Stock Down 0.4%

CLSK stock opened at $11.95 on Thursday. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 10.76 and a beta of 3.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18. The business’s 50-day moving average is $12.93 and its two-hundred day moving average is $12.92. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $23.61.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 85,315 shares of the company’s stock in a transaction 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 completion of the sale, the director directly owned 41,421 shares in the company, valued at $484,211.49. This represents a 67.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $15.02, for a total value of $495,660.00. Following the sale, the director directly owned 107,289 shares in the company, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

A number of large investors have recently added to or reduced their stakes in CLSK. Integrated Wealth Concepts LLC bought a new stake in shares of Cleanspark in the 1st quarter valued at about $68,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cleanspark by 15.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,149,529 shares of the company’s stock valued at $7,725,000 after acquiring an additional 158,072 shares during the last quarter. Caxton Associates LLP purchased a new stake in Cleanspark during the first quarter valued at approximately $169,000. United Services Automobile Association acquired a new stake in Cleanspark in the first quarter valued at approximately $125,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after purchasing an additional 86,229 shares during the last quarter. 43.12% of the stock is currently owned by 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.