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

CleanSpark, Inc. (NASDAQ:CLSK)’s share price traded up 3.5% during trading on Tuesday . The stock traded as high as $10.75 and last traded at $10.62. 8,359,146 shares traded hands during trading, a decline of 74% from the average session 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 research reports. Macquarie increased their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Price Performance

The company has a market cap of $3.12 billion, a P/E ratio of -18.38 and a beta of 4.16. The company has a fifty day simple moving average of $12.95 and a 200-day simple moving average of $13.03.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLSK. Bank of New York Mellon Corp raised its stake in 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. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in CleanSpark by 13.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock valued at $712,000 after buying an additional 5,347 shares during the period. Principal Financial Group Inc. raised its stake in shares of CleanSpark by 33.0% in the 2nd quarter. Principal Financial Group Inc. now owns 29,937 shares of the company’s stock valued at $477,000 after buying an additional 7,426 shares in the last quarter. United Capital Management of KS Inc. boosted its position in shares of CleanSpark by 48.7% during the 2nd quarter. United Capital Management of KS Inc. now owns 22,949 shares of the company’s stock valued at $366,000 after acquiring an additional 7,511 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in CleanSpark by 21.5% during the second 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 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.