Cleanspark (NASDAQ:CLSK) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Cleanspark (NASDAQ:CLSK) from a hold rating to a strong sell rating in a report released on Thursday morning,Zacks.com reports.

Several other analysts have also recently issued reports on CLSK. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cleanspark in a report on Monday, December 29th. B. Riley dropped their target price on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Sanford C. Bernstein increased their price target on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Macquarie lowered their price objective on Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a report on Wednesday, November 26th. Finally, Wall Street Zen cut Cleanspark from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.06.

Cleanspark Price Performance

CLSK opened at $13.71 on Thursday. The company’s 50 day simple moving average is $12.36 and its 200 day simple moving average is $13.06. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18. Cleanspark has a 1 year low of $6.45 and a 1 year high of $23.61. The stock has a market capitalization of $3.50 billion, a PE ratio of 12.35 and a beta of 3.47.

Insider Buying and Selling

In other news, Director Amanda Cavaleri sold 33,000 shares of the 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 sale, the director directly owned 107,289 shares in the company, valued at approximately $1,611,480.78. This represents a 23.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $11.69, for a total value of $997,332.35. Following the transaction, the director owned 41,421 shares of the company’s stock, valued at $484,211.49. This 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

Hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue grew its holdings in Cleanspark by 1.5% in the 4th quarter. State of Alaska Department of Revenue now owns 143,530 shares of the company’s stock worth $1,452,000 after buying an additional 2,095 shares in the last quarter. Fiduciary Alliance LLC acquired a new position in Cleanspark during the 4th quarter worth $2,203,000. Washburn Capital Management Inc. bought a new position in shares of Cleanspark in the fourth quarter worth $529,000. Greenberg Financial Group acquired a new position in shares of Cleanspark during the fourth quarter valued at $125,000. Finally, Shariaportfolio Inc. increased its holdings in shares of Cleanspark by 41.2% during the fourth quarter. Shariaportfolio Inc. now owns 784,787 shares of the company’s stock valued at $7,942,000 after purchasing an additional 229,010 shares during the period. 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.