CleanSpark (NASDAQ:CLSK) Trading Down 8.7% - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price was down 8.7% on Tuesday . The company traded as low as $11.31 and last traded at $10.84. Approximately 6,728,960 shares traded hands during trading, a decline of 69% from the average daily volume of 21,453,268 shares. The stock had previously closed at $11.87.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CLSK. JPMorgan Chase & Co. upgraded CleanSpark from a "neutral" rating to an "overweight" rating and lifted 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 set a $27.00 price target on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie raised their target price on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $23.17.

CleanSpark Stock Performance

The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -18.90 and a beta of 4.26. The business's 50 day moving average is $12.26 and its 200-day moving average is $12.12.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. Sell-side analysts anticipate that CleanSpark, Inc. will post 0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. Amalgamated Bank boosted its stake in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company's stock worth $122,000 after buying an additional 1,194 shares during the last quarter. Sei Investments Co. boosted its position in shares of CleanSpark by 7.0% during the 2nd quarter. Sei Investments Co. now owns 30,344 shares of the company's stock valued at $484,000 after acquiring an additional 1,987 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of CleanSpark by 311.5% in the second quarter. Thrivent Financial for Lutherans now owns 86,718 shares of the company's stock valued at $1,383,000 after purchasing an additional 65,644 shares during the period. Ensign Peak Advisors Inc increased its position in CleanSpark by 5.2% during the second quarter. Ensign Peak Advisors Inc now owns 71,847 shares of the company's stock worth $1,146,000 after purchasing an additional 3,550 shares during the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in CleanSpark during the second quarter worth about $137,000. Hedge funds and other 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.