Cleanspark (NASDAQ:CLSK) Shares Up 7.8% After Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price rose 7.8% on Wednesday after Needham & Company LLC raised their price target on the stock from $23.00 to $25.00. Needham & Company LLC currently has a buy rating on the stock. Cleanspark traded as high as $12.98 and last traded at $12.7470. Approximately 12,492,749 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 27,104,107 shares. The stock had previously closed at $11.82.

Several other research firms have also commented on CLSK. B. Riley lifted their price target on shares of Cleanspark from $17.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Macquarie raised their target price on Cleanspark from $20.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Sanford C. Bernstein upped their price target on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Cantor Fitzgerald cut their price objective on Cleanspark from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Finally, HC Wainwright reduced their price objective on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.20.

Insider Activity

In related news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

A number of institutional investors and hedge funds have recently bought and sold shares of CLSK. Hantz Financial Services Inc. lifted its position in shares of Cleanspark by 115.5% during the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares in the last quarter. Quarry LP purchased a new stake in Cleanspark during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC purchased a new stake in Cleanspark during the 3rd quarter worth approximately $32,000. Morse Asset Management Inc acquired a new stake in Cleanspark during the 3rd quarter worth approximately $32,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Cleanspark in the 2nd quarter valued at approximately $29,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Cleanspark Price Performance

The company’s 50 day simple moving average is $15.81 and its 200 day simple moving average is $12.28. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 12.12 and a beta of 3.79.

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.