CleanSpark (NASDAQ:CLSK) Shares Down 3.2% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was down 3.2% on Wednesday . The company traded as low as $9.13 and last traded at $9.21. Approximately 20,021,502 shares changed hands during trading, a decline of 36% from the average daily volume of 31,514,195 shares. The stock had previously closed at $9.51.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CLSK. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. 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. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, Macquarie raised their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Performance

The firm has a 50-day moving average price of $12.61 and a two-hundred day moving average price of $12.74. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -16.29 and a beta of 4.16.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. National Bank of Canada FI boosted its stake in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of CleanSpark in the 2nd quarter valued at about $48,000. 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 valued at $69,000 after purchasing an additional 2,190 shares during the period. Amalgamated Bank grew its stake in CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after buying an additional 1,194 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position 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 during the period. 43.12% of the stock is owned by hedge funds and other 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.