Cleanspark (NASDAQ:CLSK) Shares Gap Up – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK) shares gapped up before the market opened on Friday . The stock had previously closed at $9.55, but opened at $10.00. Cleanspark shares last traded at $10.1890, with a volume of 5,923,420 shares.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CLSK shares. Needham & Company LLC reduced their price target on shares of Cleanspark from $25.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Maxim Group initiated coverage on shares of Cleanspark in a research report on Thursday, January 8th. They issued a “buy” rating and a $22.00 price objective for the company. B. Riley Financial cut their target price on shares of Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. HC Wainwright reduced their target price on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Cleanspark from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.60.

Cleanspark Stock Up 2.2%

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 firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of -9.12 and a beta of 3.51. The stock has a 50 day moving average of $11.01 and a 200 day moving average of $12.86.

Insider Buying and Selling

In other news, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $11.69, for a total value of $997,332.35. Following the completion of the transaction, the director owned 41,421 shares in the company, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its holdings in 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 purchasing an additional 937 shares during the period. Quarry LP acquired a new stake in shares of Cleanspark during the third quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Cleanspark during the third quarter worth $32,000. Morse Asset Management Inc bought a new position in shares of Cleanspark in the 3rd quarter worth about $32,000. Finally, Danske Bank A S bought a new position in shares of Cleanspark in the 4th quarter worth about $25,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.