CleanSpark (NASDAQ:CLSK) Stock Price Up 6.8% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 6.8% on Thursday . The stock traded as high as $11.65 and last traded at $11.90. 10,437,582 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 22,715,803 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

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

CleanSpark Trading Up 1.7 %

The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -19.69 and a beta of 4.26. The company has a fifty day moving average price of $12.05 and a 200-day moving average price of $12.08.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. As a group, research analysts forecast that CleanSpark, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CLSK. R Squared Ltd purchased a new stake in CleanSpark during the 4th quarter worth about $101,000. KBC Group NV grew its position in shares of CleanSpark by 36.5% in the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after purchasing an additional 2,700 shares during the period. Archford Capital Strategies LLC purchased a new position in CleanSpark during the fourth quarter worth about $184,000. Exchange Traded Concepts LLC grew its holdings in CleanSpark by 25.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 714,249 shares of the company’s stock valued at $6,578,000 after buying an additional 146,163 shares during the period. Finally, Secure Asset Management LLC purchased a new stake in CleanSpark in the 4th quarter valued at about $948,000. 43.12% of the stock is currently 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.