CleanSpark, Inc. (NASDAQ:CLSK) Sees Significant Growth in Short Interest

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

CleanSpark Stock Up 5.6 %

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie upped their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $23.17.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Hollencrest Capital Management increased its position in CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares during the period. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after acquiring an additional 2,119 shares during the period. KBC Group NV raised its position in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares during the period. Finally, Doliver Advisors LP bought a new position in shares of CleanSpark in the 3rd quarter worth $117,000. Institutional investors and hedge funds 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.