CleanSpark (NASDAQ:CLSK) Trading Down 8.7% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares were down 8.7% during trading on Tuesday . The company traded as low as $11.31 and last traded at $10.84. Approximately 6,728,960 shares changed hands during trading, a decline of 69% from the average daily volume of 21,453,268 shares. The stock had previously closed at $11.87.

Wall Street Analyst Weigh In

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

CleanSpark Stock Performance

The stock has a market cap of $3.34 billion, a P/E ratio of -19.67 and a beta of 4.26. The company has a 50-day simple moving average of $12.05 and a 200-day simple moving average of $12.08.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 549,187 shares during the last quarter. State Street Corp lifted its holdings in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after buying an additional 261,195 shares during the period. Assenagon Asset Management S.A. acquired a new position in CleanSpark in the fourth quarter valued at approximately $39,940,000. Charles Schwab Investment Management Inc. boosted its stake in CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after acquiring an additional 208,862 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.