CleanSpark Experiences Notable Increase in Trading Volume

CleanSpark, Inc. (NASDAQ:CLSK), a company engaged in Bitcoin mining and traditional data center services, recorded a significant surge in trading volume on Tuesday. There were about 7,087,459 shares that changed hands, marking a decrease of 29% compared to the 10,016,939 shares traded in the previous session. CleanSpark stock closed the trading day at $9.35, up from the previous closing price of $8.87.

New Price Targets from Analysts

Recently, several analysts have updated their outlook for CleanSpark stock. JPMorgan Chase & Co. initiated coverage with an 'overweight' rating setting a price target at $5.50. Similarly, Sanford C. Bernstein rated it as 'outperform' with a $5.30 target price. HC Wainwright increased their price objective from $12.00 to $14.00, maintaining a 'buy' rating. Cantor Fitzgerald continued an 'overweight' rating with a $10.00 price target, and Chardan Capital upped their target from $10.00 to $11.00, also recommending a 'buy.' In total, MarketBeat reveals that the consensus rating stands at 'Buy' with an average target price of $9.30.

Strong Uptick in CleanSpark's Share Price

The company's share price has experienced a notable rise of 9.9%, significantly outpacing the 50-day moving average price of $4.41 and the 200-day moving average price of $4.77.

Institutional Investment Changes

Toroso Investments LLC expanded its holdings in CleanSpark by a substantial 31,612.9%, now owning 3,203,004 shares worth approximately $8,904,000 after acquiring an additional 3,192,904 shares. State Street Corp increased its position by 124.6% to a total of 5,563,128 shares valued at $23,866,000. Renaissance Technologies LLC's share count surged by 907.1% to 2,203,302. BlackRock Inc. raised their investment by 32.9% to a total of 6,797,076 shares, while AQR Capital Management LLC boosted their stake by 210.6%, now holding 1,371,240 shares. Overall, hedge funds and other institutional investors own approximately 34.06% of CleanSpark's stock.

Overview of CleanSpark

CleanSpark Inc. specializes in providing sustainable infrastructures for Bitcoin, aiming to support financial independence and inclusion. Moreover, the company offers a suite of traditional data center services, including equipment provisioning, rack space, and power alongside cloud solutions such as virtual services, storage, and data backups.

CleanSpark, Trading, Volume