Cleanspark (NASDAQ:CLSK) Shares Gap Up – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK) 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CLSK shares. Needham & Company LLC lowered their price target on Cleanspark from $25.00 to $19.00 and set a “buy” rating for the company in a report on Friday, February 6th. HC Wainwright reduced their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Keefe, Bruyette & Woods decreased their price objective on shares of Cleanspark from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Monday, February 9th. JPMorgan Chase & Co. upgraded shares of Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price for the company in a research note on Monday, November 24th. Finally, Weiss Ratings cut shares of Cleanspark from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.

Cleanspark Price Performance

The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -9.50 and a beta of 3.51. The company has a current ratio of 10.54, a quick ratio of 10.54 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average price of $11.05 and a two-hundred day moving average price of $12.84.

Insiders Place Their Bets

In other Cleanspark news, Director Thomas Leigh Wood sold 85,315 shares of the firm’s stock in a transaction 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 sale, the director directly owned 41,421 shares in the company, valued at approximately $484,211.49. This trade represents a 67.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Institutional investors have recently modified their holdings of the company. Hantz Financial Services Inc. lifted its position in Cleanspark by 115.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after purchasing an additional 937 shares during the last quarter. Quarry LP bought a new position in Cleanspark in the 3rd quarter worth about $26,000. Salomon & Ludwin LLC bought a new position in Cleanspark in the 3rd quarter worth about $32,000. Morse Asset Management Inc acquired a new stake in shares of Cleanspark in the third quarter valued at approximately $32,000. Finally, Danske Bank A S acquired a new position in shares of Cleanspark during the fourth quarter worth approximately $25,000. Institutional investors own 43.12% of the company’s stock.

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.