CleanSpark (NASDAQ:CLSK) Shares Up 3.1% – Here’s What Happened

Shares of CleanSpark, Inc. (NASDAQ:CLSK) rose 3.1% during mid-day trading on Monday . The stock traded as high as $11.37 and last traded at $11.14. Approximately 12,989,400 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 21,403,398 shares. The stock had previously closed at $10.80.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. 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, JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark presently has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Price Performance

The firm has a market capitalization of $2.95 billion, a PE ratio of -17.40 and a beta of 4.26. The company has a 50-day moving average price of $12.55 and a 200-day moving average price of $12.48.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of the stock. Quest Partners LLC acquired a new position in shares of CleanSpark in the third quarter worth about $374,000. Kovitz Investment Group Partners LLC increased its position in shares of CleanSpark by 85.8% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after purchasing an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of CleanSpark in the 3rd quarter valued at about $1,960,000. Finally, Clarity Capital Partners LLC lifted its position in shares of CleanSpark by 100.8% during the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after purchasing an additional 87,891 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.