Cleanspark (NASDAQ:CLSK) Stock Price Up 8.7% – What’s Next?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) were up 8.7% during mid-day trading on Thursday . The company traded as high as $12.42 and last traded at $12.3540. Approximately 4,277,268 shares traded hands during trading, a decline of 82% from the average daily volume of 23,994,877 shares. The stock had previously closed at $11.37.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CLSK shares. Maxim Group started 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. Keefe, Bruyette & Woods cut 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. Needham & Company LLC cut their price target on Cleanspark from $25.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Cantor Fitzgerald cut their price target on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, Chardan Capital restated a “buy” rating and set a $16.00 price target on shares of Cleanspark in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cleanspark currently has a consensus rating of “Moderate Buy” and an average target price of $20.37.

Cleanspark Trading Up 9.2%

The firm has a market capitalization of $3.18 billion, a PE ratio of -11.60 and a beta of 3.53. The firm’s fifty day moving average is $10.20 and its two-hundred day moving average is $12.29. The company has a debt-to-equity ratio of 1.29, a current ratio of 10.54 and a quick ratio of 10.54.

Hedge Funds Weigh In On Cleanspark

Several institutional investors have recently bought and sold shares of CLSK. Integrated Wealth Concepts LLC purchased a new position in Cleanspark in the first quarter valued at approximately $68,000. Caxton Associates LLP bought a new position in shares of Cleanspark in the 1st quarter worth $169,000. United Services Automobile Association purchased a new stake in Cleanspark during the first quarter valued at about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cleanspark by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after purchasing an additional 86,229 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Cleanspark during the first quarter valued at about $38,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.