CleanSpark (NASDAQ:CLSK) Shares Up 7.5% – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 7.5% on Friday . The stock traded as high as $8.51 and last traded at $8.76. Approximately 9,503,846 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 29,416,068 shares. The stock had previously closed at $8.15.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC initiated coverage on shares of CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark currently has an average rating of “Buy” and an average price target of $22.25.

CleanSpark Trading Up 8.5 %

The business’s 50-day simple moving average is $10.06 and its 200-day simple moving average is $11.01. The company has a market cap of $2.48 billion, a PE ratio of 80.41 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the transaction, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,186 shares of company stock valued at $246,375 over the last three months. 2.65% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Large investors have recently modified their holdings of the company. United Advisor Group LLC raised its holdings in CleanSpark by 144.4% in the 4th quarter. United Advisor Group LLC now owns 61,550 shares of the company’s stock worth $567,000 after acquiring an additional 36,370 shares during the period. Mackenzie Financial Corp grew its position in shares of CleanSpark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock valued at $147,000 after purchasing an additional 1,898 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of CleanSpark by 22.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 512,765 shares of the company’s stock worth $4,723,000 after purchasing an additional 93,086 shares during the period. Tidal Investments LLC lifted its position in shares of CleanSpark by 50.8% during the 4th quarter. Tidal Investments LLC now owns 2,394,779 shares of the company’s stock worth $22,056,000 after purchasing an additional 806,435 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC bought a new stake in CleanSpark during the 4th quarter valued at approximately $320,000. 43.12% of the stock is owned by institutional investors.

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.