CleanSpark (NASDAQ:CLSK) Shares Up 7.6% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s share price traded up 7.6% on Monday . The company traded as high as $13.00 and last traded at $12.93. 21,425,997 shares traded hands during trading, a decline of 32% from the average session volume of 31,502,113 shares. The stock had previously closed at $12.02.

Analyst Upgrades and Downgrades

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

CleanSpark Trading Up 3.8 %

The firm’s fifty day moving average price is $12.71 and its two-hundred day moving average price is $13.27. The stock has a market capitalization of $3.65 billion, a PE ratio of -21.52 and a beta of 4.16.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hollencrest Capital Management raised 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 buying an additional 1,000 shares during the last quarter. National Bank of Canada FI lifted its position in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares in the last quarter. KBC Group NV boosted its stake in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP acquired a new stake in shares of CleanSpark in the 3rd quarter worth $117,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.