CleanSpark (NASDAQ:CLSK) Trading 6.8% Higher

Shares of CleanSpark, Inc. (NASDAQ:CLSK) were up 6.8% on Friday . The stock traded as high as $16.17 and last traded at $15.98. Approximately 19,054,836 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 32,622,531 shares. The stock had previously closed at $14.96.

Analyst Ratings Changes

Several research analysts have recently weighed in on CLSK shares. Chardan Capital reissued a “buy” rating and issued a $26.00 price objective on shares of CleanSpark in a research report on Monday, May 13th. Cantor Fitzgerald lifted their price objective on CleanSpark from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, June 28th. JPMorgan Chase & Co. lowered their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. Finally, BTIG Research lifted their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.13.

CleanSpark Price Performance

The company has a 50 day moving average price of $16.76 and a 200 day moving average price of $15.38.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $111.80 million during the quarter, compared to the consensus estimate of $111.11 million. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. Analysts anticipate that CleanSpark, Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its stake in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after purchasing an additional 787 shares during the last quarter. Tobam raised its holdings in CleanSpark by 6.4% during the 1st quarter. Tobam now owns 23,142 shares of the company’s stock valued at $491,000 after acquiring an additional 1,394 shares during the period. Scotia Capital Inc. raised its holdings in CleanSpark by 14.5% during the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after acquiring an additional 1,500 shares during the period. American Capital Advisory LLC purchased a new position in shares of CleanSpark during the 1st quarter valued at $32,000. Finally, VitalStone Financial LLC grew its position in shares of CleanSpark by 21.7% during the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after purchasing an additional 1,930 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.