Cleanspark (NASDAQ:CLSK) Trading Up 7.8% on Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK) was up 7.8% during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $23.00 to $25.00. Needham & Company LLC currently has a buy rating on the stock. Cleanspark traded as high as $12.98 and last traded at $12.7470. Approximately 12,492,749 shares changed hands during trading, a decline of 54% from the average daily volume of 27,104,107 shares. The stock had previously closed at $11.82.

CLSK has been the subject of a number of other reports. Wall Street Zen raised shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Cantor Fitzgerald reduced their target price on shares of Cleanspark from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. HC Wainwright decreased their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday. Sanford C. Bernstein raised their target price on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Finally, B. Riley boosted their target price on Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.93.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This represents a 34.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after acquiring an additional 4,489,866 shares during the period. Voloridge Investment Management LLC bought a new stake in Cleanspark during the third quarter worth approximately $56,056,000. Dimensional Fund Advisors LP lifted its holdings in shares of Cleanspark by 57.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock valued at $62,521,000 after buying an additional 1,564,761 shares during the period. Nuveen LLC acquired a new stake in Cleanspark in the 1st quarter valued at about $8,109,000. Finally, Azora Capital LP acquired a new stake in Cleanspark during the third quarter valued at approximately $15,300,000. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Stock Performance

The firm has a market capitalization of $3.82 billion, a P/E ratio of 15.09 and a beta of 3.79. The firm has a 50 day moving average price of $15.77 and a two-hundred day moving average price of $12.27.

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.