CleanSpark (NASDAQ:CLSK) Trading Up 8% - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) was up 8% during mid-day trading on Wednesday . The stock traded as high as $11.25 and last traded at $11.18. Approximately 12,876,219 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 21,899,061 shares. The stock had previously closed at $10.35.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CLSK shares. 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. 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. HC Wainwright restated a "buy" rating and set 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 lifted their price objective for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $23.17.

CleanSpark Stock Up 6.2 %

The firm has a market capitalization of $3.47 billion, a PE ratio of -20.47 and a beta of 4.26. The stock has a 50-day moving average price of $12.41 and a 200 day moving average price of $12.25.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in CleanSpark during the 2nd quarter worth $48,000. GAMMA Investing LLC lifted its position in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after buying an additional 3,579 shares in the last quarter. KBC Group NV boosted its stake in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after buying an additional 2,190 shares during the last quarter. Amalgamated Bank grew its holdings in CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company's stock valued at $122,000 after buying an additional 1,194 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after acquiring an additional 1,345 shares during the period. Hedge funds and other institutional investors 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.

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