Cleanspark (NASDAQ:CLSK) Shares Down 7.7% – What’s Next?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) were down 7.7% during trading on Tuesday . The company traded as low as $9.16 and last traded at $9.0930. Approximately 10,029,962 shares traded hands during trading, a decline of 68% from the average daily volume of 31,262,479 shares. The stock had previously closed at $9.85.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CLSK shares. Chardan Capital lowered their price objective on shares of Cleanspark from $30.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Sanford C. Bernstein increased their price target on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Macquarie Infrastructure dropped their price objective on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 26th. Finally, Maxim Group began 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. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Cleanspark currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.

Cleanspark Price Performance

The company has a market cap of $2.51 billion, a price-to-earnings ratio of -9.18 and a beta of 3.47. The company has a current ratio of 10.54, a quick ratio of 10.54 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average price of $11.48 and a 200 day moving average price of $12.85.

Insiders Place Their Bets

In other Cleanspark news, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total value of $997,332.35. Following the completion of the transaction, the director directly owned 41,421 shares in the company, valued at $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction that occurred on Thursday, December 4th. The stock was 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 in the company, valued at approximately $1,611,480.78. This trade represents a 23.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its stake in Cleanspark by 115.5% during the 3rd 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 during the period. Danske Bank A S purchased a new position in shares of Cleanspark during the fourth quarter valued at $25,000. Quarry LP purchased a new position in shares of Cleanspark during the third quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Cleanspark during the second quarter valued at $29,000. Finally, Salomon & Ludwin LLC purchased a new stake in Cleanspark in the 3rd quarter worth about $32,000. Institutional investors and hedge funds 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.