Cleanspark (NASDAQ:CLSK) Shares Gap Up After Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Wednesday after Northland Capmk upgraded the stock to a strong-buy rating. The stock had previously closed at $12.55, but opened at $13.25. Cleanspark shares last traded at $13.1350, with a volume of 12,410,602 shares traded.

Other analysts have also issued reports about the company. Maxim Group began coverage on Cleanspark in a report on Thursday, January 8th. They set a “buy” rating and a $22.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cleanspark in a research report on Monday, December 29th. JPMorgan Chase & Co. raised Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target for the company in a research report on Monday, November 24th. Northland Securities began coverage on Cleanspark in a research note on Tuesday. They set an “outperform” rating and a $22.50 price objective on the stock. Finally, B. Riley reduced their target price on shares of Cleanspark from $25.00 to $22.00 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, thirteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $23.06.

Insider Activity

In related news, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas Leigh Wood sold 85,315 shares of the company’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 sale, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Baird Financial Group Inc. raised its position in shares of Cleanspark by 191.6% in the second quarter. Baird Financial Group Inc. now owns 320,043 shares of the company’s stock worth $3,530,000 after buying an additional 210,307 shares in the last quarter. Voya Investment Management LLC increased its stake in Cleanspark by 119.6% in the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company’s stock worth $4,803,000 after acquiring an additional 180,371 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Cleanspark by 17.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 1,043,848 shares of the company’s stock valued at $11,514,000 after acquiring an additional 154,308 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cleanspark by 620.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 55,490 shares of the company’s stock valued at $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 stake in shares of Cleanspark during the 2nd quarter valued at about $2,105,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Stock Up 6.3%

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 has a fifty day moving average price of $12.45 and a 200 day moving average price of $13.00. The company has a market cap of $3.41 billion, a PE ratio of 12.02 and a beta of 3.47.

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.