Keefe, Bruyette & Woods Issues Pessimistic Forecast for Cleanspark (NASDAQ:CLSK) Stock Price

Cleanspark (NASDAQ:CLSK) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $18.00 to $14.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 39.58% from the company’s current price.

A number of other brokerages have also recently weighed in on CLSK. Northland Securities initiated coverage on Cleanspark in a research note on Tuesday, January 13th. They issued an “outperform” rating and a $22.50 price objective for the company. Sanford C. Bernstein lifted their target price on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Cantor Fitzgerald cut their price target on shares of Cleanspark from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday. BTIG Research raised their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, Needham & Company LLC cut their target price on shares of Cleanspark from $25.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.83.

Cleanspark Stock Performance

NASDAQ:CLSK opened at $10.03 on Monday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 10.54 and a current ratio of 10.54. The stock has a market capitalization of $2.57 billion, a P/E ratio of -9.37 and a beta of 3.47. The company has a 50 day moving average price of $12.17 and a 200 day moving average price of $12.96. Cleanspark has a fifty-two week low of $6.45 and a fifty-two week high of $23.61.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 85,315 shares of Cleanspark 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 owned 41,421 shares in the company, valued at $484,211.49. The trade was a 67.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total transaction of $495,660.00. Following the completion of the sale, the director directly 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 SEC filing for this sale provides additional information. 2.08% of the stock is owned by insiders.

Institutional Trading of Cleanspark

A number of institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in shares of Cleanspark by 38.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock worth $40,000 after acquiring an additional 745 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Cleanspark by 4.0% in the third quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock valued at $291,000 after purchasing an additional 781 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in 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 purchasing an additional 873 shares during the last quarter. GAMMA Investing LLC raised its holdings in Cleanspark by 7.8% during the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock worth $187,000 after purchasing an additional 932 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in shares of Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after buying an additional 937 shares during the last quarter. 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.