B. Riley Securities Issues Pessimistic Forecast for Cleanspark (NASDAQ:CLSK) Stock Price

Cleanspark (NASDAQ:CLSK) had its price objective cut by B. Riley Securities from $22.00 to $19.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Securities’ price target indicates a potential upside of 104.08% from the stock’s current price.

Several other research analysts also recently issued reports on the company. Zacks Research downgraded Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. JPMorgan Chase & Co. upgraded shares of 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. Weiss Ratings lowered shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. Northland Securities began coverage on shares of Cleanspark in a research note on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 price objective on the stock. Finally, HC Wainwright decreased their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Cleanspark currently has an average rating of “Moderate Buy” and an average price target of $20.70.

Cleanspark Stock Down 3.2%

Shares of CLSK opened at $9.31 on Wednesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 10.54 and a current ratio of 10.54. Cleanspark has a 52 week low of $6.45 and a 52 week high of $23.61. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -8.70 and a beta of 3.47. The stock has a fifty day moving average of $11.96 and a 200-day moving average of $12.91.

Insider Activity

In related news, Director Amanda Cavaleri sold 33,000 shares of the firm’s 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 completion of the sale, the director owned 107,289 shares of the company’s stock, valued at $1,611,480.78. This trade represents a 23.52% 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 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.08% of the company’s stock.

Institutional Trading of Cleanspark

Several large investors have recently modified their holdings of CLSK. Integrated Wealth Concepts LLC bought a new position in Cleanspark during the first quarter worth $68,000. Caxton Associates LLP acquired a new position in shares of Cleanspark during the first quarter valued at about $169,000. United Services Automobile Association bought a new position in shares of Cleanspark during the 1st quarter worth about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cleanspark by 16.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after buying an additional 86,229 shares during the period. Finally, Strs Ohio bought a new position in Cleanspark in the first quarter worth approximately $38,000. Institutional investors and hedge funds 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.