CleanSpark (NASDAQ:CLSK) Trading Up 10.2% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shares shot up 10.2% during mid-day trading on Friday . The stock traded as high as $10.43 and last traded at $10.41. 9,484,027 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 17,268,828 shares. The stock had previously closed at $9.45.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Macquarie upped their target price 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. 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, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Six investment 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 price target of $23.17.

CleanSpark Stock Up 14.3 %

The firm’s fifty day moving average price is $12.60 and its two-hundred day moving average price is $12.68. The stock has a market capitalization of $3.16 billion, a PE ratio of -18.62 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of CLSK. GAMMA Investing LLC grew its holdings in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares during the period. Sanctuary Advisors LLC grew 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 purchasing an additional 29,964 shares during the period. Arete Wealth Advisors LLC purchased a new stake in shares of CleanSpark during the 3rd quarter valued at about $903,000. Geode Capital Management LLC lifted its stake in shares of CleanSpark by 9.8% in 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 during the period. Finally, Barclays PLC boosted its holdings in shares of CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after buying an additional 305,316 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

CleanSpark Company Profile

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.