CleanSpark (NASDAQ:CLSK) Stock Price Up 5.8% – Still a Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) traded up 5.8% during trading on Tuesday . The company traded as high as $7.05 and last traded at $7.11. 5,759,860 shares changed hands during trading, a decline of 80% from the average session volume of 28,675,595 shares. The stock had previously closed at $6.72.

Analysts Set New Price Targets

CLSK has been the subject of several research reports. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Macquarie increased their target price 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. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.57.

CleanSpark Stock Performance

The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 72.92 and a beta of 4.20. The firm’s 50-day moving average price is $9.09 and its two-hundred day moving average price is $10.69.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities research analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now directly owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock valued at $335,945 in the last 90 days. 2.65% of the stock is owned by corporate insiders.

Institutional Trading of CleanSpark

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in CleanSpark by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of CleanSpark by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after purchasing an additional 353,807 shares during the last quarter. State Street Corp grew its holdings in shares of CleanSpark by 4.5% during the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of CleanSpark in the fourth quarter valued at $39,940,000. Finally, Invesco Ltd. raised its holdings in shares of CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after buying an additional 914,279 shares during 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.