Cleanspark (NASDAQ:CLSK) Trading Up 6.3% – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK) traded up 6.3% on Wednesday . The company traded as high as $12.40 and last traded at $12.6070. 2,886,097 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 27,656,379 shares. The stock had previously closed at $11.86.

Analyst Upgrades and Downgrades

Several analysts recently commented on CLSK shares. HC Wainwright decreased their price target on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. B. Riley cut their price objective on Cleanspark from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Wall Street Zen cut Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Macquarie lowered their target price on Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. raised Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 price target on the stock in a research note on Monday, November 24th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.20.

Cleanspark Price Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18. The company has a 50-day simple moving average of $15.60 and a two-hundred day simple moving average of $12.73. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 10.80 and a beta of 3.79.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of Cleanspark stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total transaction of $495,660.00. Following the completion of the transaction, the director directly owned 107,289 shares of the company’s stock, valued at $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

A number of institutional investors have recently made changes to their positions in CLSK. FNY Investment Advisers LLC grew its holdings in Cleanspark by 14.6% in the 3rd quarter. FNY Investment Advisers LLC now owns 9,595 shares of the company’s stock valued at $139,000 after buying an additional 1,219 shares in the last quarter. Tudor Investment Corp ET AL raised its position in shares of Cleanspark by 496.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,732,268 shares of the company’s stock valued at $25,118,000 after buying an additional 1,441,939 shares in the last quarter. Swiss Life Asset Management Ltd bought a new stake in Cleanspark during the third quarter worth $188,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after purchasing an additional 2,947 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in Cleanspark during the third quarter worth about $429,000. 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.