Cleanspark (NASDAQ:CLSK) Stock Price Up 6% – Time to Buy?

Shares of Cleanspark, Inc. (NASDAQ:CLSK) traded up 6% during trading on Tuesday . The company traded as high as $14.31 and last traded at $14.7250. 5,314,409 shares traded hands during trading, a decline of 81% from the average session volume of 27,557,111 shares. The stock had previously closed at $13.89.

Wall Street Analyst Weigh In

Several equities analysts have commented on CLSK shares. Wall Street Zen downgraded shares of Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. B. Riley decreased their price target on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. HC Wainwright lowered their price target on shares of Cleanspark from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Cleanspark in a report on Tuesday, December 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Cleanspark in a research report on Wednesday, November 26th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Cleanspark has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

Cleanspark Stock Performance

The stock’s 50-day simple moving average is $15.87 and its 200-day simple moving average is $12.54. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 13.51 and a beta of 3.79. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30.

Insider Buying and Selling

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $15.02, for a total transaction of $495,660.00. Following the transaction, the director owned 107,289 shares in the company, valued at $1,611,480.78. This trade represents a 23.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after purchasing an additional 4,489,866 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Cleanspark in the 3rd quarter valued at approximately $56,056,000. Dimensional Fund Advisors LP lifted its stake in Cleanspark by 57.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock valued at $62,521,000 after purchasing an additional 1,564,761 shares during the last quarter. Nuveen LLC acquired a new stake in Cleanspark in the first quarter valued at approximately $8,109,000. Finally, Azora Capital LP bought a new stake in shares of Cleanspark during the third quarter worth $15,300,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.