CleanSpark (NASDAQ:CLSK) Stock Price Up 7.4% - Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares were up 7.4% during mid-day trading on Friday . The company traded as high as $8.04 and last traded at $8.07. Approximately 7,984,836 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 22,951,850 shares. The stock had previously closed at $7.51.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CLSK shares. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC started coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and raised their target price for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Macquarie lifted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods began coverage on CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 price target on the stock. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $22.25.

CleanSpark Trading Down 2.5 %

The company has a market capitalization of $2.19 billion, a PE ratio of 70.82 and a beta of 4.24. The business's fifty day moving average is $10.26 and its two-hundred day moving average is $11.10.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping 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.

Insiders Place Their Bets

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,186 shares of company stock valued at $246,375. 2.65% of the stock is owned by insiders.

Institutional Trading of CleanSpark

Hedge funds have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA purchased a new position in CleanSpark in the fourth quarter worth about $31,000. GAMMA Investing LLC lifted its stake in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after purchasing an additional 3,579 shares during the period. Hollencrest Capital Management boosted its holdings in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $37,000 after buying an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. grew its position in CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the period. Finally, KBC Group NV grew its position in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $69,000 after buying an additional 2,190 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.