CleanSpark (NASDAQ:CLSK) Trading 0.5% Higher – Here’s What Happened

Shares of CleanSpark, Inc. (NASDAQ:CLSK) were up 0.5% during trading on Thursday . The stock traded as high as $12.15 and last traded at $11.38. Approximately 12,893,030 shares traded hands during trading, a decline of 59% from the average daily volume of 31,665,242 shares. The stock had previously closed at $11.32.

Wall Street Analyst Weigh In

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

CleanSpark Price Performance

The stock has a market capitalization of $3.26 billion, a P/E ratio of -19.21 and a beta of 4.16. The stock’s fifty day moving average is $12.97 and its 200-day moving average is $13.15.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management boosted its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares during the period. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after buying an additional 2,119 shares during the last quarter. KBC Group NV increased its position in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares during the last quarter. Finally, Doliver Advisors LP bought a new stake in shares of CleanSpark in the third quarter valued at approximately $117,000. 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.