CleanSpark (NASDAQ:CLSK) Stock Price Up 5.8% – Should You Buy?

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on CLSK. JPMorgan Chase & Co. cut their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Chardan Capital raised CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Needham & Company LLC assumed coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock. Macquarie increased their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Stock Up 9.1 %

The company has a 50 day moving average price of $9.22 and a 200-day moving average price of $10.72. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 66.61 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. On average, analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $335,945 in the last three months. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. California State Teachers Retirement System lifted its holdings in CleanSpark by 7.6% in the fourth quarter. California State Teachers Retirement System now owns 236,433 shares of the company’s stock valued at $2,178,000 after buying an additional 16,789 shares during the period. United Advisor Group LLC lifted its stake in shares of CleanSpark by 144.4% in the 4th quarter. United Advisor Group LLC now owns 61,550 shares of the company’s stock valued at $567,000 after purchasing an additional 36,370 shares during the period. Mackenzie Financial Corp boosted its position in shares of CleanSpark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock valued at $147,000 after purchasing an additional 1,898 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CleanSpark by 22.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 512,765 shares of the company’s stock worth $4,723,000 after purchasing an additional 93,086 shares during the period. Finally, Tidal Investments LLC increased its holdings in CleanSpark by 50.8% in the fourth quarter. Tidal Investments LLC now owns 2,394,779 shares of the company’s stock worth $22,056,000 after purchasing an additional 806,435 shares in the last quarter. 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.