Cleanspark (NASDAQ:CLSK) Stock Price Down 13.3% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK) fell 13.3% during mid-day trading on Monday . The company traded as low as $13.12 and last traded at $12.16. 4,083,483 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 27,607,879 shares. The stock had previously closed at $14.03.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLSK. Cantor Fitzgerald reissued an “overweight” rating and set a $21.00 target price on shares of Cleanspark in a report on Wednesday, November 26th. Needham & Company LLC lifted their price target on shares of Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Sanford C. Bernstein increased their price objective on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Macquarie lowered their target price on Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research report on Wednesday, November 26th. Finally, Wall Street Zen downgraded Cleanspark from a “hold” rating to a “sell” rating in a report on Friday, November 28th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.20.

Cleanspark Stock Performance

The stock has a market capitalization of $3.03 billion, a P/E ratio of 10.70 and a beta of 3.79. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $15.83 and a two-hundred day moving average price of $12.69.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Amanda Cavaleri sold 33,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $15.02, for a total transaction of $495,660.00. Following the transaction, the director directly owned 107,289 shares in the company, valued at approximately $1,611,480.78. This represents a 23.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

Several hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. lifted its position in shares of Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after acquiring an additional 937 shares during the period. Quarry LP bought a new stake in Cleanspark in the third quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Cleanspark in the second quarter valued at $29,000. Fifth Third Bancorp raised its holdings in shares of Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in shares of Cleanspark during the 3rd quarter worth about $32,000. Institutional investors 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.