Cleanspark (NASDAQ:CLSK) Shares Up 8.9% – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK) shot up 8.9% during mid-day trading on Friday . The stock traded as high as $10.30 and last traded at $10.1380. 8,830,715 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 31,266,533 shares. The stock had previously closed at $9.31.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Sanford C. Bernstein boosted their price target on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Wall Street Zen downgraded Cleanspark from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Chardan Capital cut their price objective on Cleanspark from $30.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. B. Riley Financial reduced their price target on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Finally, Weiss Ratings downgraded shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.70.

Cleanspark Price Performance

The firm has a 50 day moving average price of $11.96 and a two-hundred day moving average price of $12.91. The company has a market cap of $2.50 billion, a P/E ratio of -9.22 and a beta of 3.47. The company has a debt-to-equity ratio of 1.29, a quick ratio of 10.54 and a current ratio of 10.54.

Insider Transactions at Cleanspark

In related news, Director Thomas Leigh Wood sold 85,315 shares of the company’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 approximately $484,211.49. This represents a 67.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 107,289 shares of the company’s stock, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

A number of large investors have recently modified their holdings of the business. Hantz Financial Services Inc. raised its stake in Cleanspark by 115.5% in 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. Danske Bank A S bought a new stake in shares of Cleanspark during the 4th quarter worth $25,000. Quarry LP purchased a new position in Cleanspark in the third quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Cleanspark in the second quarter valued at $29,000. Finally, Salomon & Ludwin LLC bought a new position in Cleanspark in the third quarter valued at $32,000. 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.