CleanSpark (NASDAQ:CLSK) Stock Price Up 3.1% – Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares were up 3.1% during trading on Monday . The company traded as high as $11.37 and last traded at $11.14. Approximately 12,989,400 shares changed hands during trading, a decline of 39% from the average daily volume of 21,403,398 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

CLSK has been the topic of several recent research reports. Macquarie lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark currently has an average rating of “Buy” and an average price target of $23.17.

CleanSpark Price Performance

The firm has a market capitalization of $2.95 billion, a P/E ratio of -17.40 and a beta of 4.26. The business has a 50 day moving average price of $12.55 and a 200 day moving average price of $12.48.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the last quarter. Hollencrest Capital Management lifted its stake in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the period. National Bank of Canada FI grew its position in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares during the period. KBC Group NV increased its stake in CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares in the last quarter. Institutional investors and hedge funds 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.