CleanSpark (NASDAQ:CLSK) Stock Price Up 7.6% – Here’s What Happened

Shares of CleanSpark, Inc. (NASDAQ:CLSK) rose 7.6% during trading on Monday . The stock traded as high as $13.00 and last traded at $12.93. Approximately 21,425,997 shares changed hands during trading, a decline of 32% from the average daily volume of 31,502,113 shares. The stock had previously closed at $12.02.

Analyst Ratings Changes

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

CleanSpark Stock Down 8.4 %

The stock’s 50-day moving average price is $12.85 and its 200 day moving average price is $13.21. The company has a market cap of $3.31 billion, a P/E ratio of -19.52 and a beta of 4.16.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management increased its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares during the period. FMR LLC grew its position in CleanSpark by 5.0% in the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the last quarter. Amalgamated Bank increased its holdings in shares of CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after purchasing an additional 1,194 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of CleanSpark by 2.6% in the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after buying an additional 1,709 shares during the period. 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.