CleanSpark (NASDAQ:CLSK) Shares Up 6.1% - Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares traded up 6.1% during trading on Friday . The company traded as high as $12.65 and last traded at $12.43. 10,338,014 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 29,761,480 shares. The stock had previously closed at $11.72.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Macquarie assumed coverage on CleanSpark in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $20.00 price target for the company. 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. dropped their price target on CleanSpark from $12.50 to $10.50 and set a "neutral" rating for the company in a research note on Friday, August 23rd. Finally, HC Wainwright reiterated a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.11.

CleanSpark Price Performance

The company has a 50-day moving average price of $10.09 and a two-hundred day moving average price of $14.32.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. On average, research analysts predict that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company's stock, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 26,272 shares of company stock valued at $256,874. Corporate insiders own 3.46% of the company's stock.

Institutional Trading of CleanSpark

Large investors have recently made changes to their positions in the company. Swiss National Bank grew its stake in shares of CleanSpark by 21.3% in the 1st quarter. Swiss National Bank now owns 364,800 shares of the company's stock valued at $7,737,000 after buying an additional 64,000 shares during the period. Vanguard Group Inc. grew its stake in shares of CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock valued at $88,775,000 after buying an additional 515,314 shares during the period. Millennium Management LLC grew its stake in shares of 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 buying an additional 534,825 shares during the period. Granite Bay Wealth Management LLC acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $1,563,000. Finally, Comerica Bank acquired a new stake in shares of CleanSpark in the 1st quarter valued at about $1,894,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.