CleanSpark (NASDAQ:CLSK) Shares Up 7.9% – Time to Buy?

by · The Markets Daily

CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report)’s share price traded up 7.9% on Tuesday . The company traded as high as $10.57 and last traded at $10.57. 13,570,055 shares were traded during mid-day trading, a decline of 55% from the average session volume of 30,015,859 shares. The stock had previously closed at $9.80.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CLSK shares. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie initiated coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company. 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 research report on Friday, August 23rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and an average target price of $21.42.

Check Out Our Latest Research Report on CleanSpark

CleanSpark Price Performance

The business’s 50-day moving average is $10.09 and its two-hundred day moving average is $13.96.

CleanSpark (NASDAQ:CLSK – Get Free Report) last issued its earnings results 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). The firm had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, equities analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 26,272 shares of company stock worth $250,003. 2.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. National Bank of Canada FI grew its stake in CleanSpark by 470.9% in the 2nd 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 last quarter. Russell Investments Group Ltd. lifted its holdings 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 purchasing an additional 787 shares in the last quarter. Hollencrest Capital Management acquired a new stake in shares of CleanSpark in the second quarter valued at approximately $48,000. Amalgamated Bank increased its stake in shares of CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after purchasing an additional 1,194 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark

(Get Free Report)

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.

See Also