CleanSpark (NASDAQ:CLSK) Shares Down 1.3% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CLSK. Macquarie increased their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Trading Down 1.7 %

The company’s 50 day simple moving average is $12.77 and its 200-day simple moving average is $12.85. The firm has a market cap of $2.74 billion, a P/E ratio of -16.12 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Hollencrest Capital Management raised its stake in CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares during the period. FMR LLC grew its position in shares of CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock valued at $231,000 after purchasing an additional 1,170 shares in the last quarter. Amalgamated Bank lifted its position in shares of CleanSpark by 18.4% in 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 in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after purchasing an additional 1,709 shares during the last quarter. Hedge funds and other 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.