CleanSpark (NASDAQ:CLSK) Shares Down 8.7% – Here’s Why

by · The Cerbat Gem

CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report)’s share price dropped 8.7% during mid-day trading on Tuesday . The company traded as low as $11.31 and last traded at $10.84. Approximately 6,728,960 shares traded hands during trading, a decline of 69% from the average daily volume of 21,453,268 shares. The stock had previously closed at $11.87.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Analysis on CleanSpark

CleanSpark Stock Down 4.2 %

The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -19.62 and a beta of 4.26. The company’s 50-day moving average is $12.26 and its 200-day moving average is $12.12.

Institutional Trading of CleanSpark

A number of large investors have recently bought and sold shares of the stock. Amalgamated Bank grew 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 buying an additional 1,194 shares during the last quarter. Sei Investments Co. lifted its position in CleanSpark by 7.0% during the 2nd quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock worth $484,000 after buying an additional 1,987 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of CleanSpark by 311.5% in the second quarter. Thrivent Financial for Lutherans now owns 86,718 shares of the company’s stock worth $1,383,000 after acquiring an additional 65,644 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in shares of CleanSpark by 5.2% during the second quarter. Ensign Peak Advisors Inc now owns 71,847 shares of the company’s stock valued at $1,146,000 after purchasing an additional 3,550 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of CleanSpark in the second quarter valued at approximately $137,000. 43.12% of the stock is currently owned by institutional investors.

About CleanSpark

(Get Free Report)

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.

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