Cleanspark (NASDAQ:CLSK) Shares Up 6.3% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) rose 6.3% during trading on Wednesday . The stock traded as high as $12.40 and last traded at $12.6070. Approximately 2,886,097 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 27,656,379 shares. The stock had previously closed at $11.86.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CLSK shares. HC Wainwright dropped their price objective on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Wall Street Zen lowered Cleanspark from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. JPMorgan Chase & Co. raised Cleanspark from a “neutral” rating to an “overweight” rating and set a $14.00 target price on the stock in a research report on Monday, November 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Cleanspark in a report on Monday. Finally, Sanford C. Bernstein upped their price target on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

Cleanspark Price Performance

The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $15.60 and its 200 day simple moving average is $12.73. The company has a market capitalization of $3.09 billion, a P/E ratio of 10.80 and a beta of 3.79.

Insider Buying and Selling at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $15.02, for a total transaction of $495,660.00. Following the transaction, the director directly owned 107,289 shares of the company’s stock, valued at approximately $1,611,480.78. The trade was a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. increased its stake in shares of Cleanspark by 115.5% in 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 during the period. Quarry LP bought a new position in shares of Cleanspark during the 3rd quarter worth about $26,000. Salomon & Ludwin LLC acquired a new position in shares of Cleanspark during the third quarter valued at about $32,000. Morse Asset Management Inc bought a new stake in shares of Cleanspark in the third quarter valued at about $32,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Cleanspark during the second quarter worth about $29,000. 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.