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 Weiss Ratings downgraded the stock from a hold (c-) rating to a sell (d) rating. The stock had previously closed at $10.08, but opened at $9.62. Cleanspark shares last traded at $10.01, with a volume of 7,454,190 shares traded.

A number of other research analysts have also recently issued reports on the company. Needham & Company LLC decreased their target price on Cleanspark from $25.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. B. Riley Financial decreased their price target on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Keefe, Bruyette & Woods dropped their price objective on shares of Cleanspark from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Monday. Northland Securities initiated coverage on shares of Cleanspark in a research report on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 target price on the stock. Finally, 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 target for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.83.

Insider Activity at Cleanspark

In related news, Director Thomas Leigh Wood sold 85,315 shares of the business’s stock in a transaction 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 sale, the director owned 41,421 shares of the company’s stock, valued at $484,211.49. The trade was a 67.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction on Thursday, December 4th. The shares were 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 $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Voloridge Investment Management LLC acquired a new position in shares of Cleanspark in the third quarter worth approximately $56,056,000. UBS Group AG raised its holdings in Cleanspark by 81.1% during the 4th quarter. UBS Group AG now owns 3,579,166 shares of the company’s stock worth $36,221,000 after purchasing an additional 1,602,830 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cleanspark by 57.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after purchasing an additional 1,564,761 shares during the period. Tudor Investment Corp ET AL lifted its position in shares of Cleanspark by 496.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock worth $25,118,000 after purchasing an additional 1,441,939 shares during the period. Finally, Azora Capital LP bought a new stake in shares of Cleanspark in the 3rd quarter valued at $15,300,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Stock Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 10.54 and a quick ratio of 10.54. The company’s 50-day moving average price is $12.17 and its two-hundred day moving average price is $12.96. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -9.37 and a beta of 3.47.

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.