Cleanspark (NASDAQ:CLSK) Trading 8.1% Higher – Time to Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shot up 8.1% on Friday . The stock traded as high as $14.45 and last traded at $14.2630. 24,184,082 shares traded hands during trading, a decline of 20% from the average session volume of 30,191,611 shares. The stock had previously closed at $13.19.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. B. Riley cut their price objective on Cleanspark from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Macquarie dropped their price target on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research report on Wednesday, November 26th. Maxim Group began coverage on shares of Cleanspark in a research report on Thursday, January 8th. They set a “buy” rating and a $22.00 price objective on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Cleanspark in a research note on Monday, December 29th. Finally, HC Wainwright cut their price target on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Cleanspark has a consensus rating of “Buy” and a consensus price target of $23.06.

Cleanspark Stock Performance

The company has a market capitalization of $3.48 billion, a P/E ratio of 12.26 and a beta of 3.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18. The business’s fifty day simple moving average is $12.31 and its 200-day simple moving average is $13.04.

Insider Activity

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 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 in the company, valued at $1,611,480.78. This trade represents a 23.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total value of $997,332.35. Following the completion of the sale, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. The trade was a 67.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Cleanspark by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company’s stock valued at $377,752,000 after acquiring an additional 769,148 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cleanspark by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company’s stock valued at $83,139,000 after purchasing an additional 101,401 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Cleanspark by 22.1% in the 3rd quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock worth $64,997,000 after purchasing an additional 810,203 shares during the period. Tidal Investments LLC increased its position in shares of Cleanspark by 13.3% during the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock valued at $63,313,000 after purchasing an additional 514,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Cleanspark by 57.0% during the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock valued at $62,521,000 after acquiring an additional 1,564,761 shares during the last quarter. Institutional investors 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.