Cleanspark (NASDAQ:CLSK) Stock Price Up 7.6% – Should You Buy?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) rose 7.6% during trading on Tuesday . The company traded as high as $10.46 and last traded at $10.5660. Approximately 4,242,821 shares changed hands during trading, a decline of 86% from the average daily volume of 29,685,184 shares. The stock had previously closed at $9.82.

Analyst Ratings Changes

CLSK has been the subject of a number of recent analyst reports. Sanford C. Bernstein lifted their price target on Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Maxim Group assumed coverage on Cleanspark in a research note on Thursday, January 8th. They set a “buy” rating and a $22.00 target price for the company. Chardan Capital lowered their price target on Cleanspark from $30.00 to $16.00 and set a “buy” rating for the company in a report on Friday, February 6th. Wall Street Zen lowered shares of Cleanspark from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Cleanspark from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cleanspark currently has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Cleanspark Stock Performance

The company has a quick ratio of 10.54, a current ratio of 10.54 and a debt-to-equity ratio of 1.29. The firm has a 50-day simple moving average of $11.35 and a 200 day simple moving average of $12.86. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -9.46 and a beta of 3.47.

Insider Buying and Selling at Cleanspark

In other news, Director Amanda Cavaleri sold 33,000 shares of the 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 completion of the sale, the director owned 107,289 shares in the company, valued at approximately $1,611,480.78. This represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total value of $997,332.35. Following the transaction, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. This represents a 67.32% decrease in their position. The SEC filing for this sale provides additional information. 2.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. raised its stake in shares of Cleanspark by 115.5% during the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares during the last quarter. Danske Bank A S acquired a new position in Cleanspark in the 4th quarter valued at $25,000. Quarry LP acquired a new position in Cleanspark in the 3rd quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Cleanspark during the 2nd quarter worth $29,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Cleanspark in the 3rd quarter worth $32,000. 43.12% of the stock is currently owned by hedge funds and other 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.