CleanSpark (NASDAQ:CLSK) Trading Up 7.6% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 7.6% during mid-day trading 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.

Wall Street Analyst Weigh In

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

CleanSpark Trading Down 8.4 %

The stock has a market capitalization of $3.31 billion, a P/E ratio of -19.52 and a beta of 4.16. The firm’s fifty day moving average is $12.85 and its 200-day moving average is $13.21.

Institutional Trading of CleanSpark

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management lifted its holdings in CleanSpark by 33.3% during 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 in the last quarter. National Bank of Canada FI raised its position 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 worth $41,000 after acquiring an additional 2,119 shares during the last quarter. KBC Group NV lifted its stake in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the period. DekaBank Deutsche Girozentrale increased its position in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the period. Finally, Doliver Advisors LP bought a new stake in CleanSpark during the 3rd quarter worth about $117,000. Institutional investors and hedge funds 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.