CleanSpark (NASDAQ:CLSK) Shares Up 3.1% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price shot up 3.1% during mid-day trading on Monday . The stock traded as high as $11.37 and last traded at $11.14. 12,989,400 shares were traded during trading, a decline of 39% from the average session volume of 21,403,398 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

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

CleanSpark Trading Up 4.5 %

The company has a 50 day simple moving average of $12.60 and a 200-day simple moving average of $12.63. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -19.47 and a beta of 4.26.

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of CLSK. GAMMA Investing LLC raised its stake in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the period. Hollencrest Capital Management increased its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. National Bank of Canada FI increased its position in shares of CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the last quarter. KBC Group NV increased its position in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after acquiring an additional 1,345 shares during the last quarter. 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.