CleanSpark (NASDAQ:CLSK) Trading Up 6.8% - Here's What Happened

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shot up 6.8% during trading on Thursday . The company traded as high as $11.65 and last traded at $11.90. 10,437,582 shares changed hands during trading, a decline of 54% from the average session volume of 22,715,803 shares. The stock had previously closed at $11.14.Wall Street Analysts Forecast GrowthMicroStrategy Joins Nasdaq-100: 2 Crypto Stocks Set to WinCLSK has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Cantor Fitzgerald restated an "overweight" rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $23.17.Get Our Latest Stock Report on CleanSparkCleanSpark Trading Up 1.1 %CleanSpark Challenges MicroStrategy’s Bitcoin PlaybookThe stock has a market cap of $3.37 billion, a price-to-earnings ratio of -19.88 and a beta of 4.26. The firm's 50 day moving average is $11.95 and its two-hundred day moving average is $12.05. CleanSpark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. As a group, equities analysts expect that CleanSpark, Inc. will post 0.18 EPS for the current fiscal year. Hedge Funds Weigh In On CleanSparkBitcoin Breakout: 3 Stocks Set to Ride the Cryptocurrency WaveLarge investors have recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new stake in shares of CleanSpark in the fourth quarter worth about $39,940,000. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $18,074,000. Van ECK Associates Corp lifted its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after buying an additional 620,792 shares during the last quarter. Geode Capital Management LLC increased its stake in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company's stock valued at $57,577,000 after purchasing an additional 549,187 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock worth $19,958,000 after acquiring an additional 534,825 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors. CleanSpark Company Profile (Get Free Report)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.Featured StoriesFive stocks we like better than CleanSparkWhen to Sell a Stock for Profit or LossBloom Energy: Powering the Future With Decentralized EnergyWhat is a Special Dividend?Dividend Powerhouses: Blue-Chip Stocks Built for the Long HaulTop Stocks Investing in 5G TechnologyWhy Traders Are Buying the Dip on Johnson & Johnson StockThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in CleanSpark Right Now?Before you consider CleanSpark, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CleanSpark wasn't on the list.While CleanSpark currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here