CleanSpark (NASDAQ:CLSK) Trading 0.7% Higher – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shot up 0.7% on Thursday . The company traded as high as $9.79 and last traded at $9.27. 11,351,985 shares were traded during mid-day trading, a decline of 64% from the average session volume of 31,514,195 shares. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

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

CleanSpark Price Performance

The firm has a market capitalization of $3.16 billion, a P/E ratio of -18.62 and a beta of 4.16. The stock has a fifty day simple moving average of $12.60 and a two-hundred day simple moving average of $12.68.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CLSK. Geode Capital Management LLC increased its position in shares of CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after acquiring an additional 549,187 shares in the last quarter. State Street Corp boosted its stake in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares during the last quarter. Van ECK Associates Corp increased its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.