CleanSpark (NASDAQ:CLSK) Trading Up 0.5% – Still a Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) shot up 0.5% during trading on Thursday . The stock traded as high as $12.15 and last traded at $11.38. 12,893,030 shares were traded during trading, a decline of 59% from the average session volume of 31,665,242 shares. The stock had previously closed at $11.32.

Wall Street Analyst Weigh In

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

CleanSpark Price Performance

The company has a 50-day moving average price of $12.90 and a 200 day moving average price of $13.20. The firm has a market capitalization of $3.17 billion, a PE ratio of -18.69 and a beta of 4.16.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC increased its holdings in shares of CleanSpark by 167.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock worth $447,000 after buying an additional 29,964 shares during the last quarter. Arete Wealth Advisors LLC purchased a new position in CleanSpark during the 3rd quarter valued at $903,000. Geode Capital Management LLC grew its position in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares during the last quarter. Barclays PLC boosted its stake in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new stake in CleanSpark in the 3rd quarter valued at about $486,000. 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.