CleanSpark (NASDAQ:CLSK) Trading 7.6% Higher – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shot up 7.6% on Thursday . The company traded as high as $10.96 and last traded at $11.04. 4,393,302 shares were traded during trading, a decline of 81% from the average session volume of 22,934,115 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CLSK shares. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research note on Monday. They issued an “outperform” rating and a $19.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark has an average rating of “Buy” and an average price target of $22.57.

CleanSpark Stock Up 7.0 %

The firm has a market capitalization of $3.21 billion, a P/E ratio of -18.94 and a beta of 4.26. The business’s 50 day moving average is $11.73 and its 200-day moving average is $11.92.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. Research analysts forecast that CleanSpark, Inc. will post 0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Assenagon Asset Management S.A. acquired a new position in shares of CleanSpark during the fourth quarter worth $39,940,000. Van ECK Associates Corp increased its stake in shares of CleanSpark by 40.0% in the fourth quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock valued at $20,513,000 after buying an additional 636,511 shares during the period. Geode Capital Management LLC boosted its position in CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the period. Millennium Management LLC grew its holdings in 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 acquiring an additional 534,825 shares during the last quarter. Finally, Barclays PLC increased its position in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after acquiring an additional 305,316 shares during the period. Institutional investors 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.