CleanSpark (NASDAQ:CLSK) Shares Up 5.7% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 5.7% during trading on Friday . The company traded as high as $9.33 and last traded at $9.15. Approximately 4,596,920 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 29,958,947 shares. The stock had previously closed at $8.66.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. Macquarie initiated coverage on shares of CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.11.

CleanSpark Trading Up 10.6 %

The stock has a 50-day moving average price of $10.76 and a 200-day moving average price of $14.99.

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

Insider Transactions at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 26,272 shares of company stock valued at $256,874. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after buying an additional 4,706,738 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of CleanSpark in the 2nd quarter worth approximately $18,074,000. Millennium Management LLC boosted its stake in shares of CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in CleanSpark by 21.5% in the 2nd quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock worth $15,470,000 after purchasing an additional 171,627 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.