CleanSpark (NASDAQ:CLSK) Shares Up 9% - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price traded up 9% on Friday . The stock traded as high as $15.26 and last traded at $15.18. 18,700,082 shares changed hands during trading, a decline of 40% from the average session volume of 31,216,371 shares. The stock had previously closed at $13.93.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Tuesday. JPMorgan Chase & Co. reduced their price target on CleanSpark from $12.50 to $10.50 and set a "neutral" rating for the company in a report on Friday, August 23rd. Macquarie raised their price target on CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, CleanSpark has an average rating of "Moderate Buy" and an average price target of $22.08.

CleanSpark Trading Up 7.5 %

The firm has a fifty day moving average of $12.34 and a 200 day moving average of $13.47. The company has a market capitalization of $4.38 billion, a P/E ratio of -25.81 and a beta of 4.16.

Insider Activity at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares in the company, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 26,272 shares of company stock worth $254,836 in the last quarter. 2.99% of the stock is owned by company insiders.

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Hedge Funds Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of CLSK. Comerica Bank purchased a new stake in shares of CleanSpark in the 1st quarter worth $1,894,000. Cetera Advisors LLC lifted its holdings in shares of CleanSpark by 73.4% in the 1st quarter. Cetera Advisors LLC now owns 19,892 shares of the company's stock worth $422,000 after buying an additional 8,417 shares during the period. SG Americas Securities LLC lifted its holdings in shares of CleanSpark by 178.4% in the 2nd quarter. SG Americas Securities LLC now owns 265,084 shares of the company's stock worth $4,228,000 after buying an additional 169,861 shares during the period. Granite Bay Wealth Management LLC purchased a new stake in shares of CleanSpark in the 2nd quarter worth $1,563,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of CleanSpark in the 2nd quarter worth $185,000. 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.