CleanSpark (NASDAQ:CLSK) Shares Down 5.7% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) traded down 5.7% during trading on Wednesday . The stock traded as low as $16.25 and last traded at $16.63. 20,707,271 shares were traded during mid-day trading, a decline of 32% from the average session volume of 30,410,682 shares. The stock had previously closed at $17.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CLSK shares. Macquarie initiated coverage on CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, CleanSpark currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.42.

CleanSpark Stock Down 6.7 %

The stock has a 50-day simple moving average of $10.67 and a 200 day simple moving average of $13.76.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 26,272 shares of company stock valued at $250,003. 2.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI grew its stake in CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of CleanSpark during the 2nd quarter worth about $48,000. KBC Group NV boosted its position in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after acquiring an additional 1,194 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.