CleanSpark (NASDAQ:CLSK) Shares Down 0.5% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded down 0.5% during mid-day trading on Thursday . The company traded as low as $10.32 and last traded at $10.61. 5,877,075 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 31,565,664 shares. The stock had previously closed at $10.66.

Analyst Ratings Changes

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

CleanSpark Price Performance

The company has a 50-day simple moving average of $12.93 and a 200-day simple moving average of $13.02. The firm has a market cap of $3.05 billion, a PE ratio of -18.00 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. Hollencrest Capital Management lifted its holdings in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares during the period. National Bank of Canada FI raised its stake in shares of 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 acquiring an additional 2,119 shares in the last quarter. KBC Group NV boosted 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 acquiring an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale grew 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 last quarter. Finally, Doliver Advisors LP acquired a new position in shares of CleanSpark during the third quarter worth $117,000. 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.