Cleanspark (NASDAQ:CLSK) Stock Price Down 13.3% – Time to Sell?

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

Analysts Set New Price Targets

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

Cleanspark Price Performance

The firm 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 quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $15.83 and its 200-day moving average is $12.69.

Insider Buying and Selling at Cleanspark

In related news, Director Amanda Cavaleri sold 33,000 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $15.02, for a total value of $495,660.00. Following the sale, the director directly owned 107,289 shares of the company’s stock, valued at $1,611,480.78. This trade represents a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

A number of hedge funds have recently made changes to their positions in CLSK. Hantz Financial Services Inc. increased its position in Cleanspark by 115.5% during 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 in the last quarter. Quarry LP bought a new position in shares of Cleanspark in the 3rd quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Cleanspark during the 2nd quarter valued at $29,000. Fifth Third Bancorp boosted its holdings in shares of Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after acquiring an additional 1,694 shares in the last quarter. Finally, Salomon & Ludwin LLC acquired a new position in Cleanspark in the 3rd quarter worth about $32,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.