CleanSpark (NASDAQ:CLSK) Shares Down 6.3% – Time to Sell?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) dropped 6.3% on Monday . The stock traded as low as $10.38 and last traded at $10.44. Approximately 9,036,712 shares changed hands during trading, a decline of 71% from the average daily volume of 31,656,646 shares. The stock had previously closed at $11.14.

Wall Street Analyst Weigh In

Several research firms have recently commented on CLSK. JPMorgan Chase & Co. raised 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 report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Tuesday, December 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Finally, Macquarie raised their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Up 3.9 %

The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -18.38 and a beta of 4.16. The stock has a 50 day moving average of $12.96 and a 200 day moving average of $13.07.

Institutional Trading of CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Hollencrest Capital Management increased its stake in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. FMR LLC grew its position in 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 acquiring an additional 1,170 shares during the last quarter. Amalgamated Bank lifted its holdings 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 acquiring an additional 1,194 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in CleanSpark by 2.6% during the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after acquiring an additional 1,709 shares during the last quarter. 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.