Cleanspark (NASDAQ:CLSK) Now Covered by Northland Securities

Northland Securities initiated coverage on shares of Cleanspark (NASDAQ:CLSK) in a report published on Tuesday, MarketBeat reports. The firm issued an outperform rating and a $22.50 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. Macquarie lowered their target price on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 26th. HC Wainwright decreased their price objective on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, November 26th. 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. BTIG Research increased their target price on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, October 13th. Finally, Sanford C. Bernstein lifted their price target on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Thirteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Cleanspark currently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Cleanspark Stock Performance

Shares of CLSK opened at $12.55 on Tuesday. The stock has a 50 day moving average of $12.51 and a 200 day moving average of $12.99. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 11.31 and a beta of 3.47. 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.

Insider Activity at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction that occurred on 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 transaction, the director directly owned 107,289 shares in the company, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total transaction of $997,332.35. Following the sale, the director directly owned 41,421 shares in the company, valued at $484,211.49. The trade was a 67.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Voloridge Investment Management LLC purchased a new position in Cleanspark during the 3rd quarter valued at about $56,056,000. Dimensional Fund Advisors LP boosted its position in shares of Cleanspark by 57.0% in 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 period. Tudor Investment Corp ET AL grew its stake in Cleanspark by 496.7% during the third quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock valued at $25,118,000 after acquiring an additional 1,441,939 shares in the last quarter. Azora Capital LP bought a new stake in Cleanspark during the 3rd quarter worth approximately $15,300,000. Finally, SG Americas Securities LLC lifted its stake in Cleanspark by 739.7% in 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. 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.