CleanSpark (NASDAQ:CLSK) Trading Up 9.9% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 9.9% during trading on Friday . The stock traded as high as $14.25 and last traded at $14.25. 20,447,671 shares traded hands during trading, a decline of 34% from the average session volume of 30,787,838 shares. The stock had previously closed at $12.97.

Analyst Ratings Changes

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

CleanSpark Stock Up 16.5 %

The firm’s fifty day moving average is $11.37 and its 200-day moving average is $13.65.

Insider Transactions at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This represents a 13.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 26,272 shares of company stock valued at $250,003. Corporate insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. National Bank of Canada FI increased its stake in CleanSpark by 470.9% in the second 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. grew its stake in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares during the period. Hollencrest Capital Management acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $48,000. KBC Group NV increased its position in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after buying an additional 2,190 shares in the last quarter. Finally, Amalgamated Bank raised its stake in CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after buying an additional 1,194 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Company Profile

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.