B. Riley Securities Cuts Cleanspark (NASDAQ:CLSK) Price Target to $19.00

Cleanspark (NASDAQ:CLSK) had its price objective trimmed by B. Riley Securities from $22.00 to $19.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price on the stock in a report on Monday, November 24th. Maxim Group initiated coverage on Cleanspark in a research note on Thursday, January 8th. They set a “buy” rating and a $22.00 price target for the company. Needham & Company LLC decreased their price objective on Cleanspark from $25.00 to $19.00 and set a “buy” rating for the company in a report on Friday, February 6th. Finally, HC Wainwright lowered their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research note 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 assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.70.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $9.85 on Wednesday. Cleanspark has a twelve month low of $6.45 and a twelve month high of $23.61. The stock’s 50 day moving average is $11.88 and its 200-day moving average is $12.89. 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 $2.52 billion, a price-to-earnings ratio of -9.21 and a beta of 3.47.

Insider Transactions at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction that occurred 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 sale, the director owned 107,289 shares of the company’s stock, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Leigh Wood sold 85,315 shares of the company’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 owned 41,421 shares in the company, valued at approximately $484,211.49. The trade was a 67.32% decrease in their position. 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

Hedge funds have recently made changes to their positions in the company. Marex Group plc grew its stake in shares of Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after acquiring an additional 5,377,976 shares during the period. Voloridge Investment Management LLC purchased a new stake in Cleanspark during the third quarter valued at about $56,056,000. Dimensional Fund Advisors LP lifted its holdings 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 last quarter. Renaissance Technologies LLC bought a new position in Cleanspark during the fourth quarter worth about $26,125,000. Finally, Situational Awareness LP purchased a new position in shares of Cleanspark in the fourth quarter worth about $16,601,000. 43.12% of the stock is currently owned by institutional investors.

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.