CleanSpark (NASDAQ:CLSK) Stock Price Up 21.6% – Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price traded up 21.6% on Monday . The company traded as high as $16.95 and last traded at $16.50. 15,247,633 shares changed hands during trading, a decline of 49% from the average session volume of 30,129,795 shares. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Performance

The company has a 50-day moving average of $10.54 and a 200-day moving average of $13.75.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 26,272 shares of company stock worth $250,003 over the last 90 days. 2.99% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in shares of CleanSpark by 77.6% in the 1st quarter. SG Americas Securities LLC now owns 95,223 shares of the company’s stock valued at $2,020,000 after acquiring an additional 41,605 shares during the last quarter. Swiss National Bank boosted its holdings in CleanSpark by 21.3% in the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock valued at $7,737,000 after purchasing an additional 64,000 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in CleanSpark during the 1st quarter worth about $615,000. Russell Investments Group Ltd. raised its stake in shares of CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of CleanSpark by 39.8% in the 1st quarter. ProShare Advisors LLC now owns 34,654 shares of the company’s stock valued at $735,000 after buying an additional 9,858 shares during the period. Institutional investors and hedge funds 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.