CleanSpark (NASDAQ:CLSK) Trading Up 3.5% - Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) rose 3.5% during trading on Tuesday . The company traded as high as $9.70 and last traded at $9.69. Approximately 8,036,544 shares were traded during trading, a decline of 72% from the average daily volume of 28,234,596 shares. The stock had previously closed at $9.36.

Analyst Upgrades and Downgrades

CLSK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price for the company. Needham & Company LLC initiated coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. HC Wainwright reiterated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Finally, Chardan Capital initiated coverage on shares of CleanSpark in a research note on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $20.71.

CleanSpark Price Performance

The business's 50-day moving average price is $8.31 and its 200 day moving average price is $10.10. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 90.99 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same period in the prior year, the company earned $0.59 earnings per share. The company's revenue was up 62.5% on a year-over-year basis. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director now directly owns 125,511 shares of the company's stock, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in CLSK. CX Institutional acquired a new position in CleanSpark during the first quarter valued at approximately $26,000. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark in the fourth quarter valued at about $31,000. Quarry LP bought a new stake in CleanSpark during the 1st quarter worth approximately $47,000. Russell Investments Group Ltd. increased its stake in CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in CleanSpark during the 1st quarter worth approximately $68,000. Institutional investors and hedge funds own 43.12% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.