Northland Securities Initiates Coverage on Cleanspark (NASDAQ:CLSK)

Stock analysts at Northland Securities began coverage on shares of Cleanspark (NASDAQ:CLSK) in a note issued to investors on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $22.50 price target on the stock. Northland Securities’ price objective suggests a potential upside of 82.17% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Chardan Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of Cleanspark in a research report on Wednesday, January 7th. Wall Street Zen cut shares of Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. JPMorgan Chase & Co. upgraded Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target for the company in a research note on Monday, November 24th. Needham & Company LLC raised their price objective on Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Cleanspark in a report on Wednesday, November 26th. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Cleanspark Stock Performance

NASDAQ CLSK traded up $0.39 on Tuesday, reaching $12.35. The stock had a trading volume of 11,586,790 shares, compared to its average volume of 23,187,373. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.18 and a quick ratio of 4.18. The firm has a fifty day moving average of $12.59 and a two-hundred day moving average of $12.98. Cleanspark has a 1-year low of $6.45 and a 1-year high of $23.61. The company has a market cap of $3.16 billion, a P/E ratio of 11.06 and a beta of 3.47.

Insider Buying and Selling

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction that occurred 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 owned 107,289 shares in the company, valued at approximately $1,611,480.78. This trade represents a 23.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total transaction of $997,332.35. Following the transaction, the director directly owned 41,421 shares of the company’s stock, valued at $484,211.49. This represents a 67.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently added to or reduced their stakes in the business. Voloridge Investment Management LLC bought a new position in shares of Cleanspark during the 3rd quarter worth approximately $56,056,000. Dimensional Fund Advisors LP boosted its stake in Cleanspark by 57.0% during the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after acquiring an additional 1,564,761 shares in the last quarter. Tudor Investment Corp ET AL grew its holdings in Cleanspark by 496.7% in the third quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock worth $25,118,000 after purchasing an additional 1,441,939 shares during the period. Azora Capital LP bought a new stake in Cleanspark in the third quarter valued at $15,300,000. Finally, SG Americas Securities LLC boosted its position in shares of Cleanspark by 739.7% during the 4th quarter. SG Americas Securities LLC now owns 1,128,257 shares of the company’s stock worth $11,418,000 after purchasing an additional 993,900 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.