Cleanspark (NASDAQ:CLSK) Shares Gap Down on Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $18.00 to $14.00. The stock had previously closed at $10.08, but opened at $9.62. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Cleanspark shares last traded at $10.01, with a volume of 7,454,190 shares.

A number of other equities analysts have also weighed in on CLSK. Needham & Company LLC reduced their price objective on Cleanspark from $25.00 to $19.00 and set a “buy” rating for the company in a research note on Friday. Cantor Fitzgerald dropped their target price on Cleanspark from $21.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday. Sanford C. Bernstein lifted their price target on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Macquarie Infrastructure decreased their price target 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 lowered Cleanspark from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.83.

Insider Buying and Selling

In other Cleanspark 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 transaction, the director owned 107,289 shares in the company, valued at approximately $1,611,480.78. This represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 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 SEC filing for this sale provides additional information. Corporate insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its stake in Cleanspark by 38.9% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock valued at $40,000 after buying an additional 745 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Cleanspark by 4.0% during the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock valued at $291,000 after acquiring an additional 781 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cleanspark by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock valued at $375,000 after acquiring an additional 873 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after acquiring an additional 932 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in shares of Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

Cleanspark Price Performance

The company has a 50-day moving average of $12.24 and a 200 day moving average of $12.97. The company has a quick ratio of 10.54, a current ratio of 10.54 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $2.61 billion, a PE ratio of -9.52 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.