CleanSpark (NASDAQ:CLSK) Shares Down 4.4% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares dropped 4.4% on Tuesday . The stock traded as low as $10.59 and last traded at $10.93. Approximately 9,247,848 shares traded hands during trading, a decline of 61% from the average daily volume of 23,414,746 shares. The stock had previously closed at $11.43.

Analysts Set New Price Targets

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

CleanSpark Trading Down 5.8 %

The firm’s 50 day moving average price is $12.51 and its two-hundred day moving average price is $12.47. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of -17.40 and a beta of 4.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CLSK. GAMMA Investing LLC lifted its holdings in CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the last quarter. Hollencrest Capital Management lifted its stake in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares during the period. KBC Group NV boosted its holdings 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 buying an additional 2,190 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.