CleanSpark (NASDAQ:CLSK) Trading Up 9.9% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price rose 9.9% on Friday . The stock traded as high as $14.25 and last traded at $14.25. Approximately 20,447,671 shares were traded during trading, a decline of 34% from the average daily volume of 30,787,838 shares. The stock had previously closed at $12.97.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Macquarie initiated coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Trading Up 18.4 %

The company has a fifty day moving average price of $11.25 and a two-hundred day moving average price of $13.67.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’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 transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The trade was a 13.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 26,272 shares of company stock worth $250,003. Company insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. National Bank of Canada FI grew its stake in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the period. Russell Investments Group Ltd. boosted its position in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. Hollencrest Capital Management purchased a new stake in shares of CleanSpark in the second quarter worth $48,000. KBC Group NV raised its stake in CleanSpark by 42.0% in 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, Amalgamated Bank raised its position in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock valued at $122,000 after purchasing an additional 1,194 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

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.