CleanSpark (NASDAQ:CLSK) Trading Up 3.5% – Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price rose 3.5% during trading on Tuesday . The stock traded as high as $10.75 and last traded at $10.62. Approximately 8,359,146 shares changed hands during trading, a decline of 74% from the average daily volume of 31,639,594 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Up 3.9 %

The firm’s 50 day moving average is $12.96 and its two-hundred day moving average is $13.07. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -18.38 and a beta of 4.16.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management lifted its position in CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. FMR LLC increased its position in CleanSpark by 5.0% in the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock valued at $231,000 after acquiring an additional 1,170 shares during the period. 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 valued at $122,000 after acquiring an additional 1,194 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of CleanSpark by 2.6% in the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after purchasing an additional 1,709 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.