CleanSpark (NASDAQ:CLSK) Trading Down 7.4% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was down 7.4% during mid-day trading on Tuesday . The company traded as low as $10.45 and last traded at $10.36. Approximately 11,110,778 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 23,941,084 shares. The stock had previously closed at $11.18.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Macquarie increased their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $22.57.

CleanSpark Stock Performance

The firm’s fifty day moving average is $11.27 and its 200-day moving average is $11.51. The company has a market capitalization of $2.90 billion, a P/E ratio of 93.51 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.81% and a net margin of 16.07%. As a group, analysts expect that CleanSpark, Inc. will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its position 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 acquiring an additional 549,187 shares during the last quarter. State Street Corp raised its holdings 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 purchasing an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of CleanSpark in the 4th quarter worth approximately $39,940,000. Charles Schwab Investment Management Inc. boosted its stake in shares of CleanSpark by 12.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company’s stock valued at $22,701,000 after purchasing an additional 270,026 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of CleanSpark by 40.0% during the fourth quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock worth $20,513,000 after buying an additional 636,511 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

About CleanSpark

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.