CleanSpark (NASDAQ:CLSK) Shares Down 4.4% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price fell 4.4% during trading on Tuesday . The stock traded as low as $10.59 and last traded at $10.93. 9,247,848 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 23,414,746 shares. The stock had previously closed at $11.43.

Analyst Ratings Changes

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

CleanSpark Stock Performance

The stock’s 50 day moving average price is $12.58 and its 200-day moving average price is $12.53. The company has a market cap of $3.14 billion, a PE ratio of -18.52 and a beta of 4.26.

Institutional Investors Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares in the last quarter. Hollencrest Capital Management increased its stake in shares of CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the last quarter. KBC Group NV boosted its position in shares of CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in CleanSpark by 21.2% during 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 in the last quarter. Hedge funds and other institutional investors 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.