Short Interest in CleanSpark, Inc. (NASDAQ:CLSK) Expands By 6.1%

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 60,030,000 shares, a growth of 6.1% from the November 30th total of 56,560,000 shares. Based on an average trading volume of 34,680,000 shares, the short-interest ratio is currently 1.7 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC purchased a new stake in CleanSpark during the third quarter worth approximately $374,000. Kovitz Investment Group Partners LLC grew its stake in CleanSpark by 85.8% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after buying an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in 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 buying an additional 208,862 shares during the period. Quantbot Technologies LP purchased a new stake in CleanSpark in the third quarter valued at approximately $1,960,000. Finally, Clarity Capital Partners LLC grew 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 acquiring an additional 87,891 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CLSK shares. JPMorgan Chase & Co. raised shares of 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 note on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report 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. Finally, Macquarie increased their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $23.17.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK traded up $0.25 during trading hours on Thursday, reaching $9.46. The stock had a trading volume of 8,375,129 shares, compared to its average volume of 31,514,195. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -16.31 and a beta of 4.16. The firm’s 50 day moving average is $12.67 and its 200-day moving average is $12.76. CleanSpark has a 1 year low of $6.41 and a 1 year high of $24.72.

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.