CleanSpark (NASDAQ:CLSK) Stock Price Down 1.3% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded down 1.3% during mid-day trading on Tuesday . The stock traded as low as $9.36 and last traded at $9.39. 7,384,274 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 31,461,496 shares. The stock had previously closed at $9.51.

Analysts Set New Price Targets

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

CleanSpark Stock Down 3.2 %

The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -15.88 and a beta of 4.16. The business has a 50-day moving average of $12.67 and a two-hundred day moving average of $12.76.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management lifted its stake 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 purchasing an additional 1,000 shares during the period. FMR LLC lifted its stake in CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the period. Amalgamated Bank lifted its stake in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after purchasing an additional 1,194 shares during the period. DekaBank Deutsche Girozentrale lifted its stake 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 purchasing an additional 1,345 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after purchasing an additional 1,709 shares during the period. 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.