CleanSpark (NASDAQ:CLSK) Stock Price Down 6.7% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) fell 6.7% on Monday . The stock traded as low as $9.02 and last traded at $9.12. 10,470,698 shares changed hands 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.

Wall Street Analysts Forecast Growth

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

CleanSpark Trading Down 1.2 %

The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -16.66 and a beta of 4.16. The firm’s 50 day moving average is $12.84 and its two-hundred day moving average is $12.91.

Hedge Funds Weigh In On CleanSpark

Institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC grew its stake in CleanSpark by 167.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock worth $447,000 after acquiring an additional 29,964 shares during the period. Arete Wealth Advisors LLC acquired a new stake in shares of CleanSpark during the third quarter worth $903,000. Geode Capital Management LLC grew its position in shares of CleanSpark by 9.8% in the third 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 period. Barclays PLC grew its position in shares of CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares during the period. Finally, Main Management ETF Advisors LLC acquired a new position in CleanSpark in the third quarter valued at $486,000. 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.