CleanSpark (NASDAQ:CLSK) Trading Up 10.2% – Should You Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) were up 10.2% during trading on Friday . The stock traded as high as $10.43 and last traded at $10.41. Approximately 9,484,027 shares traded hands during trading, a decline of 45% from the average daily volume of 17,268,828 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CLSK. Macquarie lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, December 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Performance

The company has a market cap of $3.12 billion, a price-to-earnings ratio of -18.40 and a beta of 4.16. The stock’s fifty day moving average is $12.61 and its two-hundred day moving average is $12.74.

Institutional Trading of CleanSpark

Several hedge funds have recently added to or reduced their stakes in the business. Hollencrest Capital Management lifted its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. FMR LLC grew its position in shares of CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of CleanSpark by 18.4% in the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after buying an additional 1,194 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after acquiring an additional 1,345 shares during the period. Finally, Victory Capital Management Inc. raised its position in CleanSpark by 2.6% in the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after purchasing an additional 1,709 shares during the period. 43.12% of the stock is owned by institutional investors.

About CleanSpark

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.