CleanSpark (NASDAQ:CLSK) Trading 0.7% Higher – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 0.7% during mid-day trading on Thursday . The company traded as high as $9.79 and last traded at $9.27. Approximately 11,351,985 shares changed hands during trading, a decline of 64% from the average daily volume of 31,514,195 shares. The stock had previously closed at $9.21.

Analyst Upgrades and Downgrades

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

CleanSpark Price Performance

The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -15.95 and a beta of 4.16. The stock has a 50-day moving average price of $12.67 and a 200 day moving average price of $12.76.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after buying an additional 549,187 shares during the last quarter. State Street Corp lifted its position in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after acquiring an additional 261,195 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after purchasing an additional 620,792 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.