CleanSpark (NASDAQ:CLSK) Stock Price Down 4.1% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) was down 4.1% on Friday . The company traded as low as $9.81 and last traded at $9.94. Approximately 9,931,228 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 31,515,906 shares. The stock had previously closed at $10.36.

Wall Street Analysts Forecast Growth

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

CleanSpark Price Performance

The company’s 50-day simple moving average is $12.90 and its two-hundred day simple moving average is $13.00. The firm has a market capitalization of $2.88 billion, a P/E ratio of -16.98 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Sanctuary Advisors LLC increased its position in CleanSpark by 167.2% in the third quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock worth $447,000 after buying an additional 29,964 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in CleanSpark during the third quarter valued at $903,000. Geode Capital Management LLC increased its holdings in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares during the last quarter. Barclays PLC lifted its stake in CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares in the last quarter. Finally, Main Management ETF Advisors LLC bought a new position in shares of CleanSpark during the 3rd quarter valued at about $486,000. 43.12% of the stock is currently owned by hedge funds and other 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.