CleanSpark (NASDAQ:CLSK) Shares Down 6.3% – What’s Next?

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

Analyst Upgrades and Downgrades

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

CleanSpark Stock Down 6.5 %

The stock has a market cap of $3.05 billion, a PE ratio of -17.97 and a beta of 4.16. The firm has a fifty day moving average of $12.97 and a 200 day moving average of $13.11.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in CleanSpark in the second quarter valued at approximately $18,074,000. Van ECK Associates Corp increased its holdings in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after acquiring an additional 620,792 shares during the period. Geode Capital Management LLC raised its position in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares during the last quarter. Millennium Management LLC boosted its stake in CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares during the period. Finally, Barclays PLC grew its position in CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.