CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Up 6.1% in December

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 60,030,000 shares, an increase of 6.1% from the November 30th total of 56,560,000 shares. Based on an average daily volume of 34,680,000 shares, the days-to-cover ratio is currently 1.7 days.

CleanSpark Stock Performance

Shares of CLSK stock traded up $0.52 on Thursday, reaching $9.73. 5,948,151 shares of the company’s stock traded hands, compared to its average volume of 31,514,195. The business’s 50 day moving average price is $12.67 and its two-hundred day moving average price is $12.76. The company has a market capitalization of $2.85 billion, a P/E ratio of -16.78 and a beta of 4.16. CleanSpark has a 12-month low of $6.41 and a 12-month high of $24.72.

Institutional Trading of CleanSpark

Several institutional investors have recently made changes to their positions in CLSK. Sanctuary Advisors LLC boosted its stake in shares of CleanSpark by 167.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock valued at $447,000 after buying an additional 29,964 shares during the period. Arete Wealth Advisors LLC purchased a new position in CleanSpark in the third quarter valued at about $903,000. Geode Capital Management LLC raised its stake in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after purchasing an additional 549,187 shares in the last quarter. Barclays PLC grew its stake in shares of CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after buying an additional 305,316 shares in the last quarter. Finally, Main Management ETF Advisors LLC bought a new position in CleanSpark during the third quarter valued at approximately $486,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on CLSK. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Macquarie upped their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $23.17.

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.