CleanSpark (NASDAQ:CLSK) Stock Price Up 5.6%

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 5.6% on Thursday . The company traded as high as $11.68 and last traded at $11.60. 7,374,723 shares were traded during mid-day trading, a decline of 77% from the average session volume of 32,207,398 shares. The stock had previously closed at $10.99.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Chardan Capital reissued a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research report on Monday, May 13th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Monday. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. Finally, Cantor Fitzgerald decreased their price objective on shares of CleanSpark from $28.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, CleanSpark currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.30.

CleanSpark Stock Performance

The firm has a 50 day moving average price of $15.97 and a 200-day moving average price of $16.32.

Hedge Funds Weigh In On CleanSpark

Institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp purchased a new stake in CleanSpark in the second quarter valued at approximately $192,000. The Manufacturers Life Insurance Company raised its position in shares of CleanSpark by 20.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 127,865 shares of the company’s stock worth $2,039,000 after buying an additional 21,326 shares during the period. Millennium Management LLC boosted its holdings in 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 acquiring an additional 534,825 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in CleanSpark during the 2nd quarter worth $953,000. Finally, Deerfield Management Company L.P. Series C acquired a new stake in CleanSpark during the 2nd quarter valued at $646,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.