Cleanspark (NASDAQ:CLSK) Stock Price Down 4.4% – Here’s Why

Shares of Cleanspark, Inc. (NASDAQ:CLSK) were down 4.4% on Friday . The company traded as low as $14.08 and last traded at $14.3640. Approximately 5,342,148 shares were traded during trading, a decline of 81% from the average daily volume of 27,560,674 shares. The stock had previously closed at $15.03.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Sanford C. Bernstein boosted their price objective on shares of Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. B. Riley reduced their target price on shares of Cleanspark from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Chardan Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of Cleanspark in a research report on Wednesday, November 26th. BTIG Research increased their price target on Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a report on Monday, October 13th. Finally, Needham & Company LLC boosted their price objective on Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.20.

Cleanspark Trading Down 8.3%

The business’s 50-day simple moving average is $15.87 and its two-hundred day simple moving average is $12.45. 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 market capitalization of $3.52 billion, a PE ratio of 12.39 and a beta of 3.79.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.65% of the stock is currently owned by company insiders.

Institutional Trading of Cleanspark

A number of hedge funds have recently made changes to their positions in the stock. Swiss Life Asset Management Ltd acquired a new stake in Cleanspark in the third quarter valued at $188,000. CIBC Private Wealth Group LLC increased its position in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after purchasing an additional 2,947 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Cleanspark in the 3rd quarter worth about $429,000. Advisory Services Network LLC raised its stake in shares of Cleanspark by 12.5% in the 3rd quarter. Advisory Services Network LLC now owns 19,407 shares of the company’s stock valued at $281,000 after purchasing an additional 2,157 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Cleanspark by 1,694.8% during the third quarter. NewEdge Advisors LLC now owns 10,948 shares of the company’s stock worth $159,000 after purchasing an additional 10,338 shares during the last quarter. Institutional investors and hedge funds 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.