Cleanspark (NASDAQ:CLSK) Trading 8.7% Higher – Still a Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shares traded up 8.7% on Thursday . The company traded as high as $12.42 and last traded at $12.3540. 4,277,268 shares changed hands during trading, a decline of 82% from the average session volume of 23,994,877 shares. The stock had previously closed at $11.37.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, February 9th. Cantor Fitzgerald lowered their price objective on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. B. Riley Financial lowered their price objective on shares of Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Zacks Research raised shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Northland Securities started coverage on shares of Cleanspark in a research report on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.37.

Cleanspark Trading Down 2.9%

The firm has a market cap of $3.11 billion, a P/E ratio of -11.37 and a beta of 3.71. 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’s 50-day simple moving average is $10.25 and its 200 day simple moving average is $12.29.

Hedge Funds Weigh In On Cleanspark

Several hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its stake in Cleanspark by 38.9% during the third quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock valued at $40,000 after acquiring an additional 745 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Cleanspark by 4.0% during the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock valued at $291,000 after acquiring an additional 781 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Cleanspark by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock valued at $375,000 after acquiring an additional 873 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Cleanspark by 115.5% during the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after acquiring an additional 937 shares in the last quarter. Finally, CI Investments Inc. grew its stake in Cleanspark by 6.9% during the third quarter. CI Investments Inc. now owns 15,437 shares of the company’s stock valued at $224,000 after acquiring an additional 997 shares in the last quarter. Hedge funds and other 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.