Cleanspark (NASDAQ:CLSK) Trading Up 7.8% on Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s share price was up 7.8% during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $23.00 to $25.00. Needham & Company LLC currently has a buy rating on the stock. Cleanspark traded as high as $12.98 and last traded at $12.7470. Approximately 12,492,749 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 27,104,107 shares. The stock had previously closed at $11.82.

Other analysts have also issued research reports about the company. Wall Street Zen raised Cleanspark from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. 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 note on Monday. Chardan Capital lifted their target price on Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. Finally, BTIG Research raised their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.93.

Insider Activity at Cleanspark

In other news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CLSK. Hantz Financial Services Inc. raised its stake in Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares in the last quarter. Quarry LP acquired a new stake in shares of Cleanspark during the third quarter worth about $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Cleanspark in the 2nd quarter valued at about $29,000. Fifth Third Bancorp boosted its position in shares of Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares during the period. Finally, Salomon & Ludwin LLC purchased a new position in Cleanspark during the 3rd quarter worth approximately $32,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Stock Up 8.5%

The firm has a 50-day simple moving average of $15.77 and a 200 day simple moving average of $12.27. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 15.09 and a beta of 3.79.

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.