CleanSpark (NASDAQ:CLSK) Trading 0.7% Higher – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 0.7% on Thursday . The stock traded as high as $9.79 and last traded at $9.27. 11,351,985 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 31,514,195 shares. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several research reports. Macquarie upped their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Price Performance

The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of -15.95 and a beta of 4.16. The business has a fifty day moving average of $12.67 and a 200 day moving average of $12.76.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently modified their holdings of CLSK. Bank of New York Mellon Corp boosted its position in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after purchasing an additional 215,124 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised 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 buying an additional 5,347 shares during the period. Principal Financial Group Inc. raised its holdings in shares of CleanSpark by 33.0% in the 2nd quarter. Principal Financial Group Inc. now owns 29,937 shares of the company’s stock valued at $477,000 after buying an additional 7,426 shares during the period. Rhumbline Advisers boosted its holdings in CleanSpark by 4.6% during the 2nd quarter. Rhumbline Advisers now owns 313,148 shares of the company’s stock valued at $4,995,000 after acquiring an additional 13,746 shares during the period. Finally, National Bank of Canada FI grew its position 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 in the last quarter. 43.12% of the stock is currently owned by hedge funds and other 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.