Cleanspark (NASDAQ:CLSK) Stock Price Up 8.4% – Should You Buy?

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price rose 8.4% on Tuesday . The company traded as high as $9.52 and last traded at $9.60. Approximately 8,141,524 shares were traded during trading, a decline of 71% from the average daily volume of 27,796,352 shares. The stock had previously closed at $8.85.

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of recent research reports. Chardan Capital began coverage on Cleanspark in a report on Wednesday, May 21st. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Cleanspark from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, June 13th. Finally, BTIG Research restated a “buy” rating on shares of Cleanspark in a report on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.00.

Cleanspark Price Performance

The company has a 50-day moving average price of $9.01 and a 200 day moving average price of $9.38. The firm has a market capitalization of $2.77 billion, a PE ratio of -10.25 and a beta of 4.24.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business’s revenue for the quarter was up 62.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 EPS. As a group, research analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director now directly owns 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.65% of the stock is owned by insiders.

Institutional Trading of Cleanspark

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cleanspark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after acquiring an additional 353,807 shares during the period. Invesco Ltd. raised its holdings in shares of Cleanspark by 20.5% in the 1st quarter. Invesco Ltd. now owns 3,597,402 shares of the company’s stock valued at $24,175,000 after buying an additional 613,040 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cleanspark by 26.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company’s stock valued at $20,951,000 after purchasing an additional 652,811 shares during the period. Finally, Northern Trust Corp increased its position in shares of Cleanspark by 16.0% during the first quarter. Northern Trust Corp now owns 2,807,078 shares of the company’s stock worth $18,864,000 after acquiring an additional 388,021 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.