Cleanspark (NASDAQ:CLSK) Stock Price Up 8.3% - Should You Buy?

Key Points

• Shares jumped 8.3% to about $11.65 on Tuesday (intraday high $11.87) while trading volume was roughly 69% below its recent average.
• Analysts are mixed but the consensus is a Moderate Buy with an average price target of $20.37, amid several recent price-target cuts and a range of buy/hold/sell ratings.
• Large institutional buying has ramped up—Marex, Dimensional, Voloridge and Renaissance all added or initiated sizable positions—and institutions now own about 43.12% of the stock; Cleanspark has a $2.92 billion market cap and a negative P/E (-10.68).

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) traded up 8.3% on Tuesday . The stock traded as high as $11.87 and last traded at $11.6510. 7,750,077 shares were traded during mid-day trading, a decline of 69% from the average session volume of 24,713,350 shares. The stock had previously closed at $10.76.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of research analyst reports. Zacks Research raised shares of Cleanspark from a "strong sell" rating to a "hold" rating in a research note on Friday, February 20th. Keefe, Bruyette & Woods decreased their price target on Cleanspark from $18.00 to $14.00 and set an "outperform" rating for the company in a research note on Monday, February 9th. Weiss Ratings cut Cleanspark from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, February 9th. Chardan Capital reissued a "buy" rating and issued a $16.00 price objective on shares of Cleanspark in a research note on Wednesday, April 8th. Finally, B. Riley Financial cut their price objective on Cleanspark from $22.00 to $19.00 and set a "buy" rating for the company in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cleanspark currently has an average rating of "Moderate Buy" and an average target price of $20.37.

Cleanspark Stock Up 6.1%

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 stock has a market capitalization of $2.92 billion, a P/E ratio of -10.68 and a beta of 3.53. The stock's fifty day moving average is $9.70 and its two-hundred day moving average is $12.66.

Institutional Trading of Cleanspark

Institutional investors and hedge funds have recently bought and sold shares of the stock. Marex Group plc increased its position in shares of Cleanspark by 23,812.2% in the fourth 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 in the last quarter. Voloridge Investment Management LLC purchased a new position in Cleanspark during the 3rd quarter worth approximately $56,056,000. Dimensional Fund Advisors LP raised its stake in Cleanspark by 80.4% during the 4th 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 period. Renaissance Technologies LLC acquired a new stake in Cleanspark during the 4th quarter valued at $26,125,000. Finally, Situational Awareness LP purchased a new stake in shares of Cleanspark in the fourth quarter valued at $16,601,000. Institutional investors and hedge funds 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.

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