Cleanspark (NASDAQ:CLSK) Trading Down 6.9% – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK) fell 6.9% on Friday . The company traded as low as $8.61 and last traded at $8.6550. 4,852,595 shares were traded during mid-day trading, a decline of 81% from the average session volume of 25,641,389 shares. The stock had previously closed at $9.30.

Analyst Ratings Changes

CLSK has been the topic of several recent analyst reports. Cantor Fitzgerald decreased their target price on Cleanspark from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Keefe, Bruyette & Woods dropped their price target on Cleanspark from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Monday, February 9th. Maxim Group assumed coverage on shares of Cleanspark in a report on Thursday, January 8th. They set a “buy” rating and a $22.00 price objective for the company. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Northland Securities began coverage on shares of Cleanspark in a report on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cleanspark currently has an average rating of “Moderate Buy” and an average target price of $20.60.

Cleanspark Stock Down 6.9%

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 $2.21 billion, a P/E ratio of -8.09 and a beta of 3.51. The company has a fifty day moving average price of $10.47 and a 200-day moving average price of $12.88.

Institutional Trading of Cleanspark

Hedge funds have recently modified their holdings of the company. Marex Group plc lifted its holdings in shares of Cleanspark by 23,812.2% in the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock valued at $54,654,000 after acquiring an additional 5,377,976 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Cleanspark during the third quarter worth approximately $56,056,000. Dimensional Fund Advisors LP raised its position in Cleanspark by 80.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,779,062 shares of the company’s stock valued at $78,731,000 after purchasing an additional 3,467,841 shares during the period. Renaissance Technologies LLC purchased a new stake in Cleanspark during the fourth quarter valued at approximately $26,125,000. Finally, Situational Awareness LP bought a new stake in shares of Cleanspark in the 4th quarter valued at approximately $16,601,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.