CleanSpark (NASDAQ:CLSK) Trading 3.9% Higher – Here’s Why

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLSK. Macquarie lifted 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. 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. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Performance

The company has a market capitalization of $3.03 billion, a PE ratio of -17.86 and a beta of 4.16. The company’s fifty day moving average is $12.93 and its 200-day moving average is $13.02.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently modified their holdings of CLSK. Marshall Wace LLP purchased a new stake in CleanSpark in the 2nd quarter worth $18,074,000. Van ECK Associates Corp grew its position in shares of CleanSpark by 64.0% during the third 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. Geode Capital Management LLC raised its stake in CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares during the period. Millennium Management LLC lifted its holdings in CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Barclays PLC lifted its holdings in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares in the last quarter. 43.12% of the stock is currently owned by 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.