CleanSpark (NASDAQ:CLSK) Shares Down 5.7% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shares dropped 5.7% during trading on Wednesday . The stock traded as low as $16.25 and last traded at $16.63. Approximately 20,707,271 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 30,410,682 shares. The stock had previously closed at $17.63.

Wall Street Analyst Weigh In

CLSK has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie started coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, CleanSpark has a consensus rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Stock Performance

The company’s 50-day moving average price is $10.67 and its two-hundred day moving average price is $13.76.

Insider Buying and Selling at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 26,272 shares of company stock valued at $250,003. Corporate insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Large investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management lifted its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. National Bank of Canada FI raised its holdings in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the period. KBC Group NV boosted its position in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares during the period. Hedge funds and other 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.