Cleanspark (NASDAQ:CLSK) Raised to Strong-Buy at Northland Capmk

Cleanspark (NASDAQ:CLSK) was upgraded by Northland Capmk to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on CLSK. Maxim Group started coverage on Cleanspark in a research note on Thursday, January 8th. They issued a “buy” rating and a $22.00 price objective for the company. Northland Securities assumed coverage on shares of Cleanspark in a report on Tuesday. They set an “outperform” rating and a $22.50 price objective on the stock. 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 report on Monday, October 13th. Macquarie cut their price target on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, November 26th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Cleanspark in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $23.06.

Cleanspark Trading Up 6.3%

CLSK opened at $13.34 on Tuesday. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $23.61. The firm has a market capitalization of $3.41 billion, a PE ratio of 12.02 and a beta of 3.47. 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 company’s 50-day moving average is $12.45 and its 200 day moving average is $13.00.

Insider Buying and Selling

In other Cleanspark news, Director Thomas Leigh Wood sold 85,315 shares of the 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 completion of the transaction, the director directly owned 41,421 shares of the company’s stock, valued at approximately $484,211.49. This represents a 67.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amanda Cavaleri sold 33,000 shares of the business’s stock in a transaction 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 sale, the director owned 107,289 shares in the company, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. 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

Several large investors have recently added to or reduced their stakes in the company. Baird Financial Group Inc. lifted its stake in shares of Cleanspark by 191.6% during the 2nd quarter. Baird Financial Group Inc. now owns 320,043 shares of the company’s stock valued at $3,530,000 after buying an additional 210,307 shares in the last quarter. Voya Investment Management LLC raised its holdings in Cleanspark by 119.6% during the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company’s stock valued at $4,803,000 after acquiring an additional 180,371 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Cleanspark by 17.3% during the second quarter. Exchange Traded Concepts LLC now owns 1,043,848 shares of the company’s stock worth $11,514,000 after acquiring an additional 154,308 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cleanspark by 620.4% during the second quarter. Nisa Investment Advisors LLC now owns 55,490 shares of the company’s stock worth $612,000 after acquiring an additional 47,787 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Cleanspark in the second quarter worth $2,105,000. 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.