CleanSpark (NASDAQ:CLSK) Stock Price Up 21.6% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price was up 21.6% during trading on Monday . The company traded as high as $16.95 and last traded at $16.50. Approximately 15,247,633 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 30,129,795 shares. The stock had previously closed at $13.57.

Analyst Ratings Changes

Several analysts have recently issued reports on CLSK shares. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. decreased their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, CleanSpark presently has a consensus rating of “Moderate Buy” and an average target price of $21.42.

CleanSpark Price Performance

The business has a 50 day simple moving average of $10.54 and a two-hundred day simple moving average of $13.75.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 26,272 shares of company stock worth $250,003. Insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Clarity Capital Partners LLC grew its position in shares of CleanSpark by 100.8% during the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after buying an additional 87,891 shares in the last quarter. Swiss National Bank grew its holdings in CleanSpark by 21.3% during the 1st quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after acquiring an additional 64,000 shares in the last quarter. SRN Advisors LLC grew its holdings in CleanSpark by 65.3% during the 3rd quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after acquiring an additional 103,283 shares in the last quarter. Vanguard Group Inc. increased its position in CleanSpark by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of CleanSpark by 74.6% in the 2nd 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 in the last quarter. 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.