CleanSpark (NASDAQ:CLSK) Stock Price Down 4.1% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded down 4.1% during trading on Friday . The company traded as low as $9.81 and last traded at $9.94. 9,931,228 shares traded hands during trading, a decline of 68% from the average session volume of 31,515,906 shares. The stock had previously closed at $10.36.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Macquarie increased 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 reissued an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Trading Down 4.9 %

The stock has a market cap of $2.88 billion, a PE ratio of -16.98 and a beta of 4.16. The business has a fifty day simple moving average of $12.90 and a two-hundred day simple moving average of $13.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of CleanSpark by 9.8% during the third 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 in the last quarter. State Street Corp increased its position in CleanSpark by 4.5% during 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after buying an additional 208,862 shares during the last quarter. 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 acquiring an additional 620,792 shares in the last quarter. Finally, Millennium Management LLC grew its stake 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 worth $19,958,000 after acquiring an additional 534,825 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

About CleanSpark

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.