CleanSpark (NASDAQ:CLSK) Stock Price Down 3.2% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price dropped 3.2% on Wednesday . The stock traded as low as $9.13 and last traded at $9.21. Approximately 20,021,502 shares were traded during trading, a decline of 36% from the average daily volume of 31,514,195 shares. The stock had previously closed at $9.51.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CLSK shares. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and increased their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Macquarie lifted their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective 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 has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Trading Up 2.6 %

The firm’s fifty day moving average is $12.61 and its 200-day moving average is $12.74. The stock has a market capitalization of $2.76 billion, a PE ratio of -16.29 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 the stock. Bank of New York Mellon Corp raised its position in CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in CleanSpark by 13.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock valued at $712,000 after acquiring an additional 5,347 shares in the last quarter. Principal Financial Group Inc. grew its position in CleanSpark by 33.0% in the 2nd quarter. Principal Financial Group Inc. now owns 29,937 shares of the company’s stock valued at $477,000 after acquiring an additional 7,426 shares in the last quarter. Rhumbline Advisers increased its stake in CleanSpark by 4.6% during the second quarter. Rhumbline Advisers now owns 313,148 shares of the company’s stock worth $4,995,000 after purchasing an additional 13,746 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of CleanSpark by 470.9% during the second 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. 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.