CleanSpark (NASDAQ:CLSK) Trading 8.2% Higher

Shares of CleanSpark, Inc. (NASDAQ:CLSK) traded up 8.2% on Monday . The stock traded as high as $17.27 and last traded at $17.25. 12,091,377 shares traded hands during trading, a decline of 63% from the average session volume of 32,864,781 shares. The stock had previously closed at $15.95.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, June 4th. BTIG Research boosted their price target on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Chardan Capital reaffirmed a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research report on Monday, May 13th. Cantor Fitzgerald raised shares of CleanSpark to a “strong-buy” rating in a research report on Wednesday, June 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $19.97.

CleanSpark Stock Performance

The stock’s 50 day moving average is $17.08 and its two-hundred day moving average is $15.17.

CleanSpark (NASDAQ:CLSK) last announced its quarterly 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 for the quarter, compared to analyst estimates of $111.11 million. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. As a group, analysts predict that CleanSpark, Inc. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On CleanSpark

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after buying an additional 3,235,171 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of CleanSpark by 119.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock worth $19,384,000 after buying an additional 957,372 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of CleanSpark by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock worth $15,217,000 after buying an additional 142,078 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in shares of CleanSpark by 1.0% during the 3rd quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock worth $3,315,000 after buying an additional 8,975 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.