Cleanspark (NASDAQ:CLSK) Trading Down 6.9% – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price fell 6.9% during mid-day trading on Wednesday . The company traded as low as $13.07 and last traded at $13.0750. 12,018,172 shares changed hands during trading, a decline of 55% from the average session volume of 26,772,928 shares. The stock had previously closed at $14.05.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CLSK. BTIG Research increased their target price on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Wall Street Zen upgraded shares of Cleanspark from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. B. Riley increased their price objective on shares of Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. restated a “neutral” rating and set a $14.00 target price (down previously from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Finally, HC Wainwright set a $30.00 price target on shares of Cleanspark and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.02.

Cleanspark Price Performance

The company’s 50-day simple moving average is $15.53 and its 200-day simple moving average is $12.08. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 15.68 and a beta of 3.79.

Insiders Place Their Bets

In related news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the sale, the chief operating officer directly owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently made changes to their positions in CLSK. Hantz Financial Services Inc. increased its position in shares of Cleanspark by 115.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Cleanspark during the 2nd quarter worth approximately $29,000. Fifth Third Bancorp grew its position in shares of Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after acquiring an additional 1,694 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Cleanspark in the 3rd quarter valued at approximately $32,000. Finally, Strs Ohio acquired a new stake in shares of Cleanspark during the 1st quarter valued at approximately $38,000. Institutional investors own 43.12% of the company’s stock.

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.