CleanSpark (NASDAQ:CLSK) Shares Down 0.5% - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) traded down 0.5% on Thursday . The company traded as low as $10.32 and last traded at $10.61. 5,877,075 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 31,565,664 shares. The stock had previously closed at $10.66.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Macquarie increased their price objective 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark currently has a consensus rating of "Buy" and a consensus target price of $23.17.

CleanSpark Stock Performance

The stock's fifty day moving average price is $12.93 and its 200-day moving average price is $13.02. The company has a market capitalization of $3.03 billion, a P/E ratio of -17.86 and a beta of 4.16.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CLSK. Hollencrest Capital Management raised its holdings in CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $37,000 after acquiring an additional 1,000 shares during the period. National Bank of Canada FI raised its holdings in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company's stock valued at $41,000 after acquiring an additional 2,119 shares during the period. KBC Group NV grew its position in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after purchasing an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after purchasing an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP acquired a new position in shares of CleanSpark during the 3rd quarter worth approximately $117,000. 43.12% of the stock is owned by 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.