CleanSpark (NASDAQ:CLSK) Trading 8.2% Higher

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 8.2% during mid-day trading on Monday . The stock traded as high as $17.27 and last traded at $17.25. 12,091,377 shares were traded during mid-day trading, a decline of 63% from the average session volume of 32,864,781 shares. The stock had previously closed at $15.95.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Friday. Cantor Fitzgerald upgraded CleanSpark to a “strong-buy” rating in a report on Wednesday, June 12th. Chardan Capital reiterated a “buy” rating and set a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. JPMorgan Chase & Co. dropped their price target on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. Finally, BTIG Research lifted their price target on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.97.

CleanSpark Price Performance

The stock has a 50-day simple moving average of $17.18 and a 200-day simple moving average of $15.07.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The business had revenue of $111.80 million during the quarter, compared to the consensus estimate of $111.11 million. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. As a group, equities analysts predict that CleanSpark, Inc. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

Several hedge funds have recently made changes to their positions in CLSK. Charles Schwab Investment Management Inc. grew its position in shares of CleanSpark by 273.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after purchasing an additional 905,993 shares in the last quarter. Stifel Financial Corp boosted its stake in CleanSpark by 1.0% during the third quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock valued at $3,315,000 after buying an additional 8,975 shares during the period. Algert Global LLC bought a new stake in CleanSpark during the third quarter valued at $325,000. Sherbrooke Park Advisers LLC bought a new stake in CleanSpark during the third quarter valued at $81,000. Finally, Scotia Capital Inc. bought a new stake in CleanSpark during the third quarter valued at $39,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.