CleanSpark (NASDAQ:CLSK) Stock Price Up 0.5% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price rose 0.5% during trading on Thursday . The company traded as high as $12.15 and last traded at $11.38. Approximately 12,893,030 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 31,665,242 shares. The stock had previously closed at $11.32.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Macquarie increased their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target 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, CleanSpark currently has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Price Performance

The stock has a market capitalization of $3.17 billion, a PE ratio of -18.69 and a beta of 4.16. The company’s 50 day moving average price is $12.90 and its two-hundred day moving average price is $13.20.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently made changes to their positions in CLSK. Hennion & Walsh Asset Management Inc. purchased a new stake in CleanSpark in the 2nd quarter valued at $262,000. Bank of New York Mellon Corp raised its stake in CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after purchasing an additional 215,124 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in CleanSpark in the 2nd quarter valued at about $290,000. TSA Wealth Managment LLC grew its stake in shares of CleanSpark by 22.7% in the 2nd quarter. TSA Wealth Managment LLC now owns 16,830 shares of the company’s stock valued at $268,000 after buying an additional 3,112 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of CleanSpark by 13.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock worth $712,000 after buying an additional 5,347 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other 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.