CleanSpark (NASDAQ:CLSK) Trading Down 5.7% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) shares traded down 5.7% during trading on Wednesday . The stock traded as low as $16.25 and last traded at $16.63. 20,707,271 shares were traded during trading, a decline of 32% from the average session volume of 30,410,682 shares. The stock had previously closed at $17.63.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CLSK. Macquarie began coverage on CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Down 14.2 %

The firm has a 50 day moving average price of $10.54 and a 200 day moving average price of $13.75.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 26,272 shares of company stock valued at $250,003 in the last ninety days. Corporate insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of CLSK. SG Americas Securities LLC grew its position in shares of CleanSpark by 77.6% during the first quarter. SG Americas Securities LLC now owns 95,223 shares of the company’s stock worth $2,020,000 after purchasing an additional 41,605 shares in the last quarter. Swiss National Bank lifted its holdings in shares of CleanSpark by 21.3% in the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after buying an additional 64,000 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of CleanSpark during the first quarter worth $615,000. Russell Investments Group Ltd. grew its stake in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in CleanSpark by 39.8% in the 1st quarter. ProShare Advisors LLC now owns 34,654 shares of the company’s stock valued at $735,000 after acquiring an additional 9,858 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.