CleanSpark (NASDAQ:CLSK) Stock Price Up 10.2% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 10.2% during trading on Friday . The stock traded as high as $10.43 and last traded at $10.41. 9,484,027 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 17,268,828 shares. The stock had previously closed at $9.45.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Up 14.3 %

The business has a 50 day moving average price of $12.60 and a two-hundred day moving average price of $12.68. The stock has a market cap of $3.16 billion, a P/E ratio of -18.62 and a beta of 4.16.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares during the last quarter. Hollencrest Capital Management boosted its holdings in shares of CleanSpark by 33.3% during 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. National Bank of Canada FI boosted its holdings in shares of CleanSpark by 470.9% during the 2nd 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 during the last quarter. KBC Group NV grew its position in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the last quarter. 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.