CleanSpark (NASDAQ:CLSK) Stock Price Up 7.6% – What’s Next?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) rose 7.6% during mid-day trading on Thursday . The company traded as high as $10.96 and last traded at $11.04. Approximately 4,393,302 shares changed hands during trading, a decline of 81% from the average daily volume of 22,934,115 shares. The stock had previously closed at $10.26.

Analyst Ratings Changes

Several equities research analysts have recently commented on CLSK shares. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Tuesday. 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. Macquarie boosted their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a research note on Monday. They issued an “outperform” rating and a $19.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $22.57.

CleanSpark Stock Performance

The company has a fifty day moving average price of $11.73 and a two-hundred day moving average price of $11.92. The company has a market cap of $3.21 billion, a P/E ratio of -18.94 and a beta of 4.26.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. Research analysts anticipate that CleanSpark, Inc. will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the 4th quarter valued at about $31,000. GAMMA Investing LLC raised its stake in CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the period. Hollencrest Capital Management lifted its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. KBC Group NV boosted its stake in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares during the period. Finally, DekaBank Deutsche Girozentrale increased 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 last quarter. 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.