CleanSpark (NASDAQ:CLSK) Stock Price Up 2.3% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price shot up 2.3% during mid-day trading on Friday . The company traded as high as $11.18 and last traded at $11.16. 10,319,362 shares were traded during mid-day trading, a decline of 67% from the average session volume of 31,670,020 shares. The stock had previously closed at $10.91.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. 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. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, Macquarie upped their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark currently has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Performance

The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -19.22 and a beta of 4.16. The business has a 50-day moving average of $12.94 and a 200-day moving average of $13.18.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of CleanSpark in the second quarter valued at about $262,000. Bank of New York Mellon Corp lifted its holdings in CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after acquiring an additional 215,124 shares during the period. Signature Estate & Investment Advisors LLC purchased a new stake in shares of CleanSpark during the 2nd quarter worth $290,000. TSA Wealth Managment LLC grew its stake in shares of CleanSpark by 22.7% during the 2nd quarter. TSA Wealth Managment LLC now owns 16,830 shares of the company’s stock worth $268,000 after purchasing an additional 3,112 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of CleanSpark by 13.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock valued at $712,000 after purchasing an additional 5,347 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.