CleanSpark (NASDAQ:CLSK) Trading Down 1.3% – Here’s What Happened

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

Analyst Ratings Changes

CLSK has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Finally, 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Price Performance

The firm has a market cap of $2.74 billion, a PE ratio of -16.12 and a beta of 4.16. The stock’s fifty day simple moving average is $12.77 and its 200-day simple moving average is $12.85.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after purchasing an additional 549,187 shares during the period. State Street Corp raised its holdings in CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after buying an additional 261,195 shares during the period. Charles Schwab Investment Management Inc. grew its position in CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after acquiring an additional 208,862 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.