CleanSpark (NASDAQ:CLSK) Trading Down 6.7% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s share price traded down 6.7% during trading on Monday . The company traded as low as $9.02 and last traded at $9.12. 10,470,698 shares were traded during trading, a decline of 67% from the average session volume of 31,487,398 shares. The stock had previously closed at $9.78.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Down 1.2 %

The company’s fifty day moving average price is $12.84 and its two-hundred day moving average price is $12.91. The firm has a market cap of $2.83 billion, a PE ratio of -16.66 and a beta of 4.16.

Institutional Trading of CleanSpark

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management grew its holdings in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares during the period. National Bank of Canada FI increased its holdings in shares of CleanSpark by 470.9% in the 2nd 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 in the last quarter. KBC Group NV lifted its stake in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP acquired a new position in CleanSpark during the third quarter worth about $117,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.