CleanSpark (NASDAQ:CLSK) Shares Up 9.9% – Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 9.9% on Friday . The stock traded as high as $14.25 and last traded at $14.25. 20,447,671 shares were traded during trading, a decline of 34% from the average session volume of 30,787,838 shares. The stock had previously closed at $12.97.

Analysts Set New Price Targets

CLSK has been the subject of a number of research analyst reports. 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. Macquarie initiated coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Price Performance

The stock has a fifty day moving average price of $11.25 and a two-hundred day moving average price of $13.67.

Insider Transactions at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 13.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 26,272 shares of company stock valued at $250,003 over the last quarter. Company insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently bought and sold shares of CLSK. Russell Investments Group Ltd. lifted its holdings in shares of CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares during the period. Vanguard Group Inc. grew its holdings in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after buying an additional 4,706,738 shares during the period. American International Group Inc. lifted its holdings in shares of CleanSpark by 27.7% during the 1st quarter. American International Group Inc. now owns 95,068 shares of the company’s stock valued at $2,016,000 after purchasing an additional 20,610 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of CleanSpark by 21.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 110,345 shares of the company’s stock worth $2,341,000 after purchasing an additional 19,622 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of CleanSpark during the 1st quarter worth approximately $460,000. 43.12% of the stock is owned by hedge funds and other 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.