CleanSpark (NASDAQ:CLSK) Trading Up 2.3% - Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price traded up 2.3% during mid-day trading on Friday . The company traded as high as $11.18 and last traded at $11.16. 10,319,362 shares were traded during mid-day trading, a decline of 67% from the average session volume of 31,670,020 shares. The stock had previously closed at $10.91.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of research reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. upgraded CleanSpark from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reissued a "buy" rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, Macquarie raised their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $23.17.

CleanSpark Trading Up 2.1 %

The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -19.21 and a beta of 4.16. The business has a 50-day moving average price of $12.94 and a two-hundred day moving average price of $13.18.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the second quarter valued at approximately $18,074,000. Van ECK Associates Corp grew its holdings in CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after buying an additional 620,792 shares in the last quarter. Geode Capital Management LLC grew its holdings in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company's stock worth $57,577,000 after buying an additional 549,187 shares in the last quarter. Millennium Management LLC increased its position in CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after acquiring an additional 534,825 shares during the period. Finally, Barclays PLC raised its stake in CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company's stock valued at $3,634,000 after acquiring an additional 305,316 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.