CleanSpark (NASDAQ:CLSK) Stock Price Up 7.6% – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 7.6% on Thursday . The stock traded as high as $10.96 and last traded at $11.04. 4,393,302 shares were traded during trading, a decline of 81% from the average session volume of 22,934,115 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CLSK shares. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and increased their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.57.

CleanSpark Stock Down 4.8 %

The firm’s 50 day moving average is $11.60 and its 200-day moving average is $11.86. The firm has a market cap of $2.93 billion, a PE ratio of -18.00 and a beta of 4.26.

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

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of the stock. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark during the fourth quarter worth about $31,000. GAMMA Investing LLC increased its position in CleanSpark by 962.1% during 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 in the last quarter. Hollencrest Capital Management raised its holdings in CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the period. KBC Group NV lifted 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares during the period. 43.12% of the stock is 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.