CleanSpark (NASDAQ:CLSK) Stock Price Up 7.6% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price shot up 7.6% during trading on Thursday . The stock traded as high as $10.96 and last traded at $11.04. 4,393,302 shares were traded during mid-day trading, a decline of 81% from the average session volume of 22,934,115 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CLSK shares. Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark presently has an average rating of “Buy” and an average price target of $22.57.

CleanSpark Stock Down 4.8 %

The business has a 50-day simple moving average of $11.60 and a 200-day simple moving average of $11.86. The company has a market cap of $2.93 billion, a PE ratio of -18.00 and a beta of 4.26.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC increased its holdings in CleanSpark by 5,920.0% during the 4th quarter. Global Retirement Partners LLC now owns 15,050 shares of the company’s stock worth $139,000 after purchasing an additional 14,800 shares during the period. Truist Financial Corp raised its holdings in CleanSpark by 58.4% in the fourth quarter. Truist Financial Corp now owns 83,371 shares of the company’s stock valued at $768,000 after acquiring an additional 30,730 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in CleanSpark by 56.5% in the fourth quarter. Sanctuary Advisors LLC now owns 74,930 shares of the company’s stock worth $690,000 after acquiring an additional 27,048 shares during the last quarter. Rhumbline Advisers grew its holdings in CleanSpark by 10.7% during the 4th quarter. Rhumbline Advisers now owns 334,094 shares of the company’s stock worth $3,077,000 after acquiring an additional 32,236 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the 4th quarter valued at approximately $31,000. 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.