CleanSpark (NASDAQ:CLSK) Shares Down 8.7% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 8.7% on Tuesday . The company traded as low as $11.31 and last traded at $10.84. 6,728,960 shares were traded during mid-day trading, a decline of 69% from the average session volume of 21,453,268 shares. The stock had previously closed at $11.87.

Analysts Set New Price Targets

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie upped their price target on shares of 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 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark has a consensus rating of “Buy” and an average price target of $23.17.

CleanSpark Trading Down 4.2 %

The firm has a market capitalization of $3.33 billion, a PE ratio of -19.62 and a beta of 4.26. The firm’s fifty day moving average price is $12.26 and its 200 day moving average price is $12.12.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after buying an additional 549,187 shares during the last quarter. State Street Corp grew its position in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after acquiring an additional 261,195 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of CleanSpark during the 4th quarter worth $39,940,000. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 purchasing an additional 208,862 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in CleanSpark by 64.0% in 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. 43.12% of the stock is 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.