CleanSpark (NASDAQ:CLSK) Shares Down 3.2% - Time to Sell?

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

Analysts Set New Price Targets

CLSK has been the subject of a number of recent research reports. Macquarie raised their price target 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. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 target price on shares of CleanSpark in a report 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 note on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $23.17.

CleanSpark Price Performance

The stock has a market cap of $2.69 billion, a P/E ratio of -15.88 and a beta of 4.16. The stock has a 50-day simple moving average of $12.67 and a 200-day simple moving average of $12.76.

Hedge Funds Weigh In On CleanSpark

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