CleanSpark (NASDAQ:CLSK) Trading 3.1% Higher - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price shot up 3.1% on Monday . The stock traded as high as $11.37 and last traded at $11.14. 12,989,400 shares changed hands during trading, a decline of 39% from the average session volume of 21,403,398 shares. The stock had previously closed at $10.80.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised CleanSpark from a "neutral" rating to an "overweight" rating and increased their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. HC Wainwright reissued a "buy" rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, Macquarie upped their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $23.17.

CleanSpark Stock Up 5.8 %

The company has a fifty day simple moving average of $12.58 and a two-hundred day simple moving average of $12.53. The company has a market cap of $3.34 billion, a price-to-earnings ratio of -19.71 and a beta of 4.26.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company's stock valued at $13,905,000 after buying an additional 215,124 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of CleanSpark by 33.0% in the second quarter. Principal Financial Group Inc. now owns 29,937 shares of the company's stock valued at $477,000 after acquiring an additional 7,426 shares in the last quarter. Rhumbline Advisers raised its stake in shares of CleanSpark by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 313,148 shares of the company's stock worth $4,995,000 after buying an additional 13,746 shares in the last quarter. National Bank of Canada FI boosted its position in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company's stock valued at $41,000 after purchasing an additional 2,119 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of CleanSpark by 165.0% in the second quarter. Victory Capital Management Inc. now owns 66,272 shares of the company's stock valued at $1,057,000 after buying an additional 41,259 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.