CleanSpark (NASDAQ:CLSK) Stock Price Up 2.3% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 2.3% during mid-day trading on Friday . The company traded as high as $11.18 and last traded at $11.16. Approximately 10,319,362 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 31,670,020 shares. The stock had previously closed at $10.91.

Analyst Upgrades and Downgrades

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

CleanSpark Trading Up 2.1 %

The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -19.21 and a beta of 4.16. The company’s 50-day simple moving average is $12.97 and its 200-day simple moving average is $13.13.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its stake in shares of CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in CleanSpark during the 2nd quarter worth approximately $290,000. TSA Wealth Managment LLC lifted its position in shares of CleanSpark by 22.7% in the 2nd quarter. TSA Wealth Managment LLC now owns 16,830 shares of the company’s stock worth $268,000 after purchasing an additional 3,112 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of CleanSpark by 13.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock valued at $712,000 after purchasing an additional 5,347 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of CleanSpark by 33.0% during the second quarter. Principal Financial Group Inc. now owns 29,937 shares of the company’s stock worth $477,000 after buying an additional 7,426 shares during the period. 43.12% of the stock is 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.