Cleanspark (NASDAQ:CLSK) Trading Down 4.4% - What's Next?
Cleanspark's stock (NASDAQ:CLSK) fell 4.4% to $14.3640, with trading volume down 81%. Analysts have adjusted price targets, with ratings ranging from 'buy' to 'outperform'. The stock has a consensus 'Moderate Buy' rating and an average price target of $23.20. Insider trading and hedge fund activities are noted, with 43.12% institutional ownership. Cleanspark operates as a bitcoin miner using low-carbon power.
Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price traded down 4.4% during mid-day trading on Friday . The stock traded as low as $14.08 and last traded at $14.3640. 5,342,148 shares changed hands during trading, a decline of 81% from the average session volume of 27,560,674 shares. The stock had previously closed at $15.03.
Analysts Set New Price Targets
- Will Crypto Miners Pivot to AI? Latest on 3 Key Players
A number of research firms recently issued reports on CLSK. Macquarie reduced their target price on Cleanspark from $30.00 to $27.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 26th. Needham & Company LLC increased their price objective on Cleanspark from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, November 26th. B. Riley dropped their price objective on Cleanspark from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Wednesday, November 26th. Sanford C. Bernstein upped their target price on shares of Cleanspark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Monday, November 3rd. Finally, BTIG Research raised their price target on shares of Cleanspark from $22.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, October 13th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.20.
View Our Latest Research Report on CLSK
Cleanspark Stock Performance
- CleanSpark Secures $1.15B, Stock Drops—Here's Why It's an Opportunity
The firm has a market cap of $3.52 billion, a PE ratio of 12.39 and a beta of 3.79. The stock has a 50-day moving average price of $15.87 and a 200 day moving average price of $12.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.18 and a quick ratio of 4.18.
Insider Buying and Selling at Cleanspark
In other news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This represents a 34.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.65% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cleanspark
- The Side of Rate Cuts Nobody Is Telling You About
Large investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. grew its stake 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 buying an additional 937 shares during the period. Quarry LP acquired a new position in Cleanspark in the third quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Cleanspark during the second quarter valued at about $29,000. Fifth Third Bancorp increased its stake in Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after acquiring an additional 1,694 shares during the last quarter. Finally, Salomon & Ludwin LLC acquired a new stake in Cleanspark during the third quarter worth about $32,000. Hedge funds and other institutional investors own 43.12% of the company's stock.
About Cleanspark
(Get Free Report)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.
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