CleanSpark (NASDAQ:CLSK) Trading Down 0.5% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

CleanSpark Trading Down 5.6 %

The company has a 50-day moving average of $12.84 and a 200-day moving average of $12.96. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -16.86 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of the company. Marshall Wace LLP acquired a new position in shares of CleanSpark in the 2nd quarter valued at $18,074,000. Van ECK Associates Corp lifted its stake in shares of 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 buying an additional 620,792 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after purchasing an additional 549,187 shares during the period. Millennium Management LLC lifted its holdings in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the last quarter. Finally, Barclays PLC increased its stake in CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after acquiring an additional 305,316 shares during the period. 43.12% of the stock is currently 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.