CleanSpark (NASDAQ:CLSK) Trading Up 6.1% – Still a Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) rose 6.1% during trading on Friday . The stock traded as high as $12.65 and last traded at $12.43. Approximately 10,338,014 shares traded hands during trading, a decline of 65% from the average daily volume of 29,761,480 shares. The stock had previously closed at $11.72.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLSK. Macquarie assumed coverage on shares of CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Stock Up 7.3 %

The firm’s 50 day moving average is $10.09 and its two-hundred day moving average is $14.32.

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

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 26,272 shares of company stock valued at $256,874 over the last 90 days. 3.46% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in CleanSpark by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of CleanSpark in the second quarter valued at about $18,074,000. Van ECK Associates Corp grew its stake in shares of CleanSpark by 21.5% in the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after acquiring an additional 171,627 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after acquiring an additional 215,124 shares during the period. 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.