CleanSpark (NASDAQ:CLSK) Trading Down 8.7% – What’s Next?

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

Wall Street Analyst Weigh In

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

CleanSpark Trading Up 2.4 %

The stock has a market cap of $3.34 billion, a price-to-earnings 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 earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. Equities analysts forecast that CleanSpark, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $374,000. Kovitz Investment Group Partners LLC raised its position in CleanSpark by 85.8% during the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after acquiring an additional 85,388 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after acquiring an additional 208,862 shares in the last quarter. Quantbot Technologies LP acquired a new stake in CleanSpark in the third quarter valued at $1,960,000. Finally, Clarity Capital Partners LLC grew its position in shares of CleanSpark by 100.8% in the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after acquiring an additional 87,891 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.