CleanSpark (NASDAQ:CLSK) Shares Down 6.7% - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price fell 6.7% during mid-day trading on Monday . The company traded as low as $9.02 and last traded at $9.12. 10,470,698 shares were traded during mid-day trading, a decline of 67% from the average session volume of 31,487,398 shares. The stock had previously closed at $9.78.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Macquarie raised their target price on CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded CleanSpark from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Tuesday, December 3rd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $23.17.

CleanSpark Price Performance

The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -16.40 and a beta of 4.16. The business has a fifty day moving average price of $12.77 and a 200 day moving average price of $12.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. Bank of New York Mellon Corp lifted its holdings in shares of CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company's stock worth $13,905,000 after acquiring an additional 215,124 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 purchasing an additional 5,347 shares during the period. Principal Financial Group Inc. raised its holdings in shares of CleanSpark by 33.0% in the 2nd quarter. Principal Financial Group Inc. now owns 29,937 shares of the company's stock worth $477,000 after buying an additional 7,426 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of CleanSpark by 21.5% during the 2nd quarter. Van ECK Associates Corp now owns 969,896 shares of the company's stock worth $15,470,000 after buying an additional 171,627 shares during the period. Finally, Rhumbline Advisers boosted its stake in CleanSpark by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 313,148 shares of the company's stock valued at $4,995,000 after buying an additional 13,746 shares in the last quarter. 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.