CleanSpark (NASDAQ:CLSK) Trading 8% Higher – Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 8% during trading on Wednesday . The stock traded as high as $11.25 and last traded at $11.18. 12,876,219 shares were traded during mid-day trading, a decline of 41% from the average session volume of 21,899,061 shares. The stock had previously closed at $10.35.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday, December 3rd. Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Trading Up 9.9 %

The stock has a 50 day moving average of $12.50 and a 200-day moving average of $12.27. The company has a market capitalization of $3.33 billion, a P/E ratio of -19.60 and a beta of 4.26.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently modified their holdings of CLSK. GAMMA Investing LLC raised its position in shares of CleanSpark by 962.1% during 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 period. Hollencrest Capital Management increased its stake in CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares in the last quarter. KBC Group NV raised its holdings in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after acquiring an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP bought a new position in shares of CleanSpark in the third quarter worth about $117,000. 43.12% of the stock is currently owned by 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.