CleanSpark (NASDAQ:CLSK) Stock Price Down 1.3% - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares traded down 1.3% during trading on Tuesday . The company traded as low as $9.36 and last traded at $9.39. 7,384,274 shares were traded during mid-day trading, a decline of 77% from the average session volume of 31,461,496 shares. The stock had previously closed at $9.51.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Performance

The stock has a market cap of $2.69 billion, a PE ratio of -15.88 and a beta of 4.16. The firm's 50-day moving average is $12.77 and its 200 day moving average is $12.85.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of CleanSpark by 9.8% during 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. State Street Corp raised its position in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company's stock worth $56,730,000 after buying an additional 261,195 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock worth $20,500,000 after buying an additional 208,862 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after acquiring an additional 534,825 shares in the last quarter. Institutional investors and hedge funds 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.