Zacks Research Downgrades Cleanspark (NASDAQ:CLSK) to Strong Sell

Cleanspark (NASDAQ:CLSK) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

Several other research analysts have also issued reports on the company. HC Wainwright dropped their target price on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. JPMorgan Chase & Co. upgraded Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Monday, November 24th. Chardan Capital reiterated a “buy” rating and issued a $30.00 target price on shares of Cleanspark in a research note on Wednesday, January 7th. Northland Securities initiated coverage on Cleanspark in a research report on Tuesday, January 13th. They set an “outperform” rating and a $22.50 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $21.00 price target on shares of Cleanspark in a report on Wednesday, November 26th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Cleanspark Price Performance

CLSK stock opened at $13.71 on Thursday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $12.36 and a 200 day moving average price of $13.05. The stock has a market cap of $3.50 billion, a PE ratio of 12.35 and a beta of 3.47.

Insiders Place Their Bets

In related news, Director Amanda Cavaleri sold 33,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $15.02, for a total value of $495,660.00. Following the completion of the sale, the director directly owned 107,289 shares of the company’s stock, valued at $1,611,480.78. This represents a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $997,332.35. Following 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 position. The SEC filing for this sale provides additional information. 2.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several hedge funds have recently modified their holdings of CLSK. Hantz Financial Services Inc. increased its holdings 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 buying an additional 937 shares during the period. Quarry LP purchased a new position in shares of Cleanspark in the 3rd quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Cleanspark in the 2nd quarter worth $29,000. Fifth Third Bancorp raised its position in shares of Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after acquiring an additional 1,694 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Cleanspark during the 3rd quarter worth $32,000. 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.