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

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 4.4% during trading on Tuesday . The company traded as low as $10.59 and last traded at $10.93. 9,247,848 shares traded hands during 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 analysts have commented on the stock. Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Tuesday, December 3rd. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Trading Down 5.8 %

The company has a 50 day moving average of $12.51 and a 200 day moving average of $12.47. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of -17.40 and a beta of 4.26.

Institutional Trading of CleanSpark

Several hedge funds have recently bought and sold shares of CLSK. Doliver Advisors LP raised its holdings in shares of CleanSpark by 59.6% during the fourth quarter. Doliver Advisors LP now owns 20,000 shares of the company’s stock worth $184,000 after acquiring an additional 7,470 shares during the period. GAMMA Investing LLC raised its stake in shares of CleanSpark by 962.1% in the 4th 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 during the period. Sanctuary Advisors LLC raised its stake in shares of CleanSpark by 167.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock valued at $447,000 after purchasing an additional 29,964 shares during the period. Arete Wealth Advisors LLC bought a new stake in shares of CleanSpark in the third quarter valued at about $903,000. Finally, Geode Capital Management LLC boosted its position in shares of CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark

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.