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

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

Analyst Ratings Changes

Several analysts have recently commented on CLSK shares. Chardan Capital raised their target price on shares of Cleanspark from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. BTIG Research increased their price target on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Cantor Fitzgerald lowered their price objective on Cleanspark from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Wall Street Zen upgraded Cleanspark from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH assumed coverage on Cleanspark in a report on Monday, July 28th. They issued a “buy” rating and a $20.25 price target for the company. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cleanspark has a consensus rating of “Moderate Buy” and an average target price of $24.02.

Cleanspark Stock Performance

The stock has a market capitalization of $3.97 billion, a PE ratio of 15.68 and a beta of 3.79. The company’s fifty day simple moving average is $15.53 and its two-hundred day simple moving average is $12.08.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares in the company, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Cleanspark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock worth $162,259,000 after purchasing an additional 4,489,866 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Cleanspark by 57.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after buying an additional 1,564,761 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company’s stock worth $9,327,000 after buying an additional 1,366,752 shares during the period. Nuveen LLC purchased a new position in shares of Cleanspark in the 1st quarter worth $8,109,000. Finally, Bank of New York Mellon Corp boosted its holdings in Cleanspark by 128.9% in the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company’s stock valued at $10,613,000 after acquiring an additional 889,317 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.