CleanSpark (NASDAQ:CLSK) Trading Up 9.9% – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price rose 9.9% during mid-day trading on Friday . The company traded as high as $14.25 and last traded at $14.25. Approximately 20,447,671 shares changed hands during trading, a decline of 34% from the average daily volume of 30,787,838 shares. The stock had previously closed at $12.97.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CLSK. Macquarie initiated coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.42.

CleanSpark Stock Performance

The business’s 50 day moving average price is $11.37 and its 200-day moving average price is $13.65.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 26,272 shares of company stock worth $250,003 over the last three months. Insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors have recently added to or reduced their stakes in the company. Clarity Capital Partners LLC boosted its position in shares of CleanSpark by 100.8% in the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after acquiring an additional 87,891 shares during the period. SRN Advisors LLC raised its stake in CleanSpark by 65.3% in the 3rd quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after purchasing an additional 103,283 shares in the last quarter. Vanguard Group Inc. boosted its holdings in CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the period. Millennium Management LLC grew its position in shares of CleanSpark by 74.6% during the 2nd 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 in the last quarter. Finally, Granite Bay Wealth Management LLC bought a new position in shares of CleanSpark during the second quarter worth approximately $1,563,000. 43.12% of the stock is currently 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.