CleanSpark (NASDAQ:CLSK) Trading Up 7.5% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 7.5% during mid-day trading on Friday . The company traded as high as $8.51 and last traded at $8.76. Approximately 9,503,846 shares changed hands during trading, a decline of 68% from the average daily volume of 29,416,068 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CLSK shares. Macquarie boosted their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target on the stock. Finally, Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark has a consensus rating of “Buy” and a consensus target price of $22.25.

CleanSpark Price Performance

The business has a 50 day simple moving average of $10.04 and a 200 day simple moving average of $10.98. The stock has a market cap of $2.48 billion, a PE ratio of 80.28 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, sell-side analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,186 shares of company stock valued at $246,375 over the last quarter. Insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management lifted its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares during the last quarter. FMR LLC lifted its position in shares of CleanSpark by 5.0% during the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of CleanSpark by 9.1% during the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after purchasing an additional 1,405 shares during the last quarter. Corebridge Financial Inc. lifted its position in shares of CleanSpark by 1.2% during the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,507 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of CleanSpark by 2.6% during the 3rd 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 during the last quarter. 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.