CleanSpark (NASDAQ:CLSK) Shares Down 4.4% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price fell 4.4% on Tuesday . The company traded as low as $10.59 and last traded at $10.93. 9,247,848 shares were traded during trading, a decline of 61% from the average session volume of 23,414,746 shares. The stock had previously closed at $11.43.

Analysts Set New Price Targets

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

CleanSpark Trading Down 6.0 %

The stock has a 50 day simple moving average of $12.58 and a 200-day simple moving average of $12.53. The firm has a market cap of $3.14 billion, a PE ratio of -18.52 and a beta of 4.26.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Doliver Advisors LP lifted its holdings in shares of CleanSpark by 59.6% in the fourth quarter. Doliver Advisors LP now owns 20,000 shares of the company’s stock worth $184,000 after buying an additional 7,470 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of CleanSpark by 167.2% in the third quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock worth $447,000 after purchasing an additional 29,964 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of CleanSpark in the third quarter worth about $903,000. Finally, Geode Capital Management LLC boosted its position 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 acquiring an additional 549,187 shares during the last quarter. 43.12% of the stock is currently owned by 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.