CleanSpark (NASDAQ:CLSK) Stock Price Up 7.9% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares were up 7.9% on Tuesday . The stock traded as high as $10.57 and last traded at $10.57. Approximately 13,570,055 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 30,015,859 shares. The stock had previously closed at $9.80.

Analysts Set New Price Targets

Several research firms have recently issued reports on CLSK. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. lowered their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Finally, Macquarie assumed coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Trading Up 9.0 %

The company’s fifty day moving average is $10.09 and its two-hundred day moving average is $13.96.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The company had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. Research analysts forecast that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 26,272 shares of company stock worth $250,003 over the last 90 days. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. National Bank of Canada FI raised its position in shares of CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares in the last quarter. Hollencrest Capital Management bought a new position in CleanSpark during the 2nd quarter valued at $48,000. Amalgamated Bank increased its position in shares of CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after purchasing an additional 1,194 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

About CleanSpark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.