Cleanspark (NASDAQ:CLSK) Stock Price Up 7.6% – Here’s Why

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

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lowered their price objective on Cleanspark from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Monday, February 9th. Sanford C. Bernstein raised their price target on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Zacks Research upgraded Cleanspark from a “strong sell” rating to a “hold” rating in a research note on Friday. Chardan Capital cut their price objective on Cleanspark from $30.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. raised Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.60.

Cleanspark Trading Up 3.1%

The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -9.46 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. The business has a fifty day moving average of $11.35 and a two-hundred day moving average of $12.86.

Insiders Place Their Bets

In other news, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction 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 owned 107,289 shares of the company’s stock, valued at $1,611,480.78. The trade was a 23.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction dated 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 owned 41,421 shares in the company, valued at $484,211.49. This represents a 67.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.08% of the stock is currently owned by insiders.

Institutional Trading of Cleanspark

Large investors have recently modified their holdings of the business. Baird Financial Group Inc. lifted its position in shares of Cleanspark by 191.6% in the second quarter. Baird Financial Group Inc. now owns 320,043 shares of the company’s stock valued at $3,530,000 after acquiring an additional 210,307 shares in the last quarter. Voya Investment Management LLC increased its position in Cleanspark by 119.6% during the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company’s stock worth $4,803,000 after purchasing an additional 180,371 shares in the last quarter. X Square Capital LLC acquired a new position in Cleanspark in the 3rd quarter valued at about $2,900,000. Nisa Investment Advisors LLC lifted its holdings in Cleanspark by 620.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 55,490 shares of the company’s stock valued at $612,000 after purchasing an additional 47,787 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Cleanspark by 35.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,417,107 shares of the company’s stock worth $20,548,000 after purchasing an additional 373,259 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.