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

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

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Performance

The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -18.38 and a beta of 4.16. The firm’s 50-day simple moving average is $12.96 and its two-hundred day simple moving average is $13.07.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CLSK. Hollencrest Capital Management increased its position in CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares during the period. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the period. KBC Group NV increased its stake in CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the period. Finally, Doliver Advisors LP bought a new position in shares of CleanSpark during the third quarter worth $117,000. Institutional investors and hedge funds 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.