CleanSpark (NASDAQ:CLSK) Shares Up 6.8% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 6.8% on Thursday . The company traded as high as $11.65 and last traded at $11.90. Approximately 10,437,582 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 22,715,803 shares. The stock had previously closed at $11.14.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie boosted 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 Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark currently has an average rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Performance

The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of -19.88 and a beta of 4.26. The firm’s 50 day simple moving average is $11.95 and its 200 day simple moving average is $12.05.

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

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. Archer Investment Management LLC purchased a new stake in shares of CleanSpark during the 4th quarter worth about $122,000. R Squared Ltd acquired a new position in shares of CleanSpark during the fourth quarter valued at approximately $101,000. KBC Group NV lifted its holdings in CleanSpark by 36.5% in the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after purchasing an additional 2,700 shares in the last quarter. Archford Capital Strategies LLC acquired a new position in CleanSpark during the fourth quarter worth about $184,000. Finally, Exchange Traded Concepts LLC grew its stake in CleanSpark by 25.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 714,249 shares of the company’s stock valued at $6,578,000 after acquiring an additional 146,163 shares in the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.