CleanSpark (NASDAQ:CLSK) Shares Up 6.8% – Here’s Why

Shares of CleanSpark, Inc. (NASDAQ:CLSK) were up 6.8% during mid-day trading on Thursday . The stock traded as high as $11.65 and last traded at $11.90. Approximately 10,437,582 shares were traded during trading, a decline of 54% from the average daily volume of 22,715,803 shares. The stock had previously closed at $11.14.

Analyst Ratings Changes

A number of analysts recently weighed in on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and upped their target price 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.com, CleanSpark has an average rating of “Buy” and a consensus target price of $23.17.

CleanSpark Price Performance

The stock has a 50 day moving average price of $12.05 and a two-hundred day moving average price of $12.08. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -19.69 and a beta of 4.26.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. Sell-side analysts forecast that CleanSpark, Inc. will post 0.18 EPS for the current fiscal year.

Institutional Trading of CleanSpark

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after acquiring an additional 549,187 shares in the last quarter. State Street Corp grew its stake in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of CleanSpark during the fourth quarter valued at approximately $39,940,000. Charles Schwab Investment Management Inc. raised its position in shares of CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after purchasing an additional 208,862 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.