CleanSpark (NASDAQ:CLSK) Trading Down 5.7% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was down 5.7% during trading on Wednesday . The company traded as low as $16.25 and last traded at $16.63. Approximately 20,707,271 shares changed hands during trading, a decline of 32% from the average daily volume of 30,410,682 shares. The stock had previously closed at $17.63.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Macquarie began coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, CleanSpark currently has an average rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Down 14.2 %

The company’s 50 day moving average price is $10.54 and its two-hundred day moving average price is $13.75.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 26,272 shares of company stock worth $250,003 over the last 90 days. Company insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in shares of CleanSpark by 5.0% in 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 during the period. Quantbot Technologies LP bought a new position in shares of CleanSpark during the 3rd quarter worth $1,960,000. The Manufacturers Life Insurance Company increased its stake in shares of CleanSpark by 8.9% during the third quarter. The Manufacturers Life Insurance Company now owns 139,194 shares of the company’s stock valued at $1,300,000 after buying an additional 11,329 shares during the period. Waddell & Associates LLC bought a new stake in shares of CleanSpark in the third quarter valued at about $222,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after acquiring an additional 208,862 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.