CleanSpark (NASDAQ:CLSK) Shares Up 13.8% - Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price traded up 13.8% on Tuesday . The stock traded as high as $8.47 and last traded at $8.50. 5,354,294 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 28,328,870 shares. The stock had previously closed at $7.47.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of recent research reports. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods started coverage on CleanSpark in a research report on Monday, January 27th. They issued an "outperform" rating and a $19.00 price target for the company. JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Chardan Capital raised shares of CleanSpark to a "strong-buy" rating in a report on Monday, March 24th. Finally, HC Wainwright reiterated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $21.57.

CleanSpark Price Performance

The company has a market capitalization of $2.53 billion, a P/E ratio of 81.92 and a beta of 4.12. The firm's 50-day moving average is $7.97 and its 200-day moving average is $10.48.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the transaction, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company's stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,836 shares of company stock valued at $335,945. Company insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CLSK. Prudential Financial Inc. lifted its position in CleanSpark by 9.1% during the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares during the last quarter. Corebridge Financial Inc. grew its position in CleanSpark by 1.2% in the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock worth $1,139,000 after acquiring an additional 1,507 shares in the last quarter. Sigma Planning Corp increased its stake in CleanSpark by 11.9% during the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock worth $161,000 after acquiring an additional 1,865 shares during the last quarter. Mackenzie Financial Corp raised its position in CleanSpark by 13.5% during the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after purchasing an additional 1,898 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.