Cleanspark (NASDAQ:CLSK) Price Target Lowered to $18.00 at Keefe, Bruyette & Woods

Cleanspark (NASDAQ:CLSK) had its price target trimmed by Keefe, Bruyette & Woods from $18.50 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on CLSK. Maxim Group started coverage on shares of Cleanspark in a research note on Thursday, January 8th. They issued a “buy” rating and a $22.00 price objective on the stock. Wall Street Zen lowered Cleanspark from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. HC Wainwright lowered their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Macquarie cut their price objective on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 26th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.98.

Cleanspark Stock Up 6.7%

NASDAQ:CLSK opened at $13.27 on Tuesday. Cleanspark has a one year low of $6.45 and a one year high of $23.61. 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 market cap of $3.39 billion, a PE ratio of 11.96 and a beta of 3.47. The firm’s 50 day simple moving average is $12.45 and its 200 day simple moving average is $13.07.

Insider Activity

In related news, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 41,421 shares of the company’s stock, valued at $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction that occurred on Thursday, December 4th. The stock was 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 of the company’s stock, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baird Financial Group Inc. increased its position in shares of Cleanspark by 191.6% during the second quarter. Baird Financial Group Inc. now owns 320,043 shares of the company’s stock worth $3,530,000 after acquiring an additional 210,307 shares in the last quarter. Voya Investment Management LLC boosted its stake 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 purchasing an additional 180,371 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Cleanspark by 620.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 55,490 shares of the company’s stock worth $612,000 after purchasing an additional 47,787 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Cleanspark by 35.8% in the third quarter. Exchange Traded Concepts LLC now owns 1,417,107 shares of the company’s stock worth $20,548,000 after purchasing an additional 373,259 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Cleanspark in the second quarter valued at approximately $2,105,000. 43.12% of the stock is owned by institutional investors.

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.