CleanSpark (NASDAQ:CLSK) Stock Price Down 4.1% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK) traded down 4.1% during mid-day 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.

Analysts Set New Price Targets

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

CleanSpark Stock Performance

The company has a fifty day moving average price of $12.84 and a two-hundred day moving average price of $12.94. The company has a market cap of $2.86 billion, a P/E ratio of -16.86 and a beta of 4.16.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Hollencrest Capital Management raised its position 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 acquiring an additional 1,000 shares in the last quarter. FMR LLC increased its stake in shares of CleanSpark by 5.0% during the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the last quarter. Amalgamated Bank raised its holdings in shares of CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock valued at $122,000 after purchasing an additional 1,194 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after purchasing an additional 1,709 shares during the period. Institutional investors own 43.12% of the company’s stock.

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.