CleanSpark (NASDAQ:CLSK) Stock Price Up 3.9% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) was up 3.9% on Wednesday . The stock traded as high as $10.83 and last traded at $10.66. Approximately 14,608,244 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 31,671,033 shares. The stock had previously closed at $10.26.

Wall Street Analyst Weigh In

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

CleanSpark Stock Up 3.9 %

The stock has a market cap of $3.12 billion, a PE ratio of -18.38 and a beta of 4.16. The firm’s fifty day moving average price is $12.96 and its 200 day moving average price is $13.07.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management increased its holdings in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the period. KBC Group NV increased its stake in CleanSpark by 42.0% in the 3rd 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 period. DekaBank Deutsche Girozentrale grew its position in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP bought a new stake in shares of CleanSpark in the third quarter valued at about $117,000. 43.12% of the stock is 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.