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CLSK · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is CleanSpark Inc. (CLSK) stock moving?
CLSK has fallen from a 8.58 close on Oct 28 to 6.57 on Nov 10, with a low of 5.53 intraday on Nov 5. Volume jumped to about 36.8M and 35.3M shares on Nov 4 and Nov 5, versus a typical 12M to 20M, as KBW downgraded the stock to Market Perform and Bernstein cut its target to $11 from $24. The 6.91 close on Nov 9 on 25.0M shares shows a rebound from the Nov 5 low, but the Nov 10 close of 6.57 on 15.6M shares sits below that. Analysts flagged potential Texas regulatory hurdles for data center projects, which is the main asset-specific risk in the news. The strategy update from CEO Matt Schultz on Nov 3 linked Bitcoin mining to securing large power loads, and the stock rose more than 11% that day, but the subsequent analyst cuts show the market is not yet convinced. The remaining targets still sit above the current price, with B. Riley at $21 and KBW at $11.50, so the range of analyst views remains wide. Sector-wide pressure from the Binance breach on Oct 30 also contributed to the decline.
News behind the analysis
- KBW Adjusts CleanSpark Price Target to $11.50 from $25Keefe Bruyette & Woods cut its CleanSpark price target to $11.50 from $25 while keeping a buy rating. The news came before its later downgrade to Market Perform.
- Why Is CleanSpark Stock Surging on Tuesday?CLSK climbed more than 11% on Nov 3 alongside gains in Bitcoin and tech equities. The article covers the drivers behind the move.
- CleanSpark CEO Outlines Strategic Focus on Power Load SecurityCEO Matt Schultz said Bitcoin mining is a tool to secure large power loads, and Bitcoin holdings are used as a capital asset. This describes a strategic shift toward data center power.
- Keefe Bruyette & Woods Downgrades CleanSpark to Market PerformKBW downgraded CleanSpark from Outperform to Market Perform. The downgrade is one of several analyst actions that week.
- Bernstein Lowers CleanSpark Price Target to $11Bernstein kept an Outperform rating but cut its price target to $11 from $24 on Nov 4. The cut reflects lower expectations for the stock.
- CleanSpark Faces Analyst Downgrades Amid Texas Regulatory UncertaintyCleanSpark shares declined after analyst price-target cuts and downgrades tied to potential regulatory hurdles for data center projects in Texas.
- CleanSpark Announces Participation in Upcoming Investor EventsCleanSpark will attend several investor conferences in November and December 2026. This is a routine corporate update.
- CleanSpark Shares Decline Amid Market Reaction to Binance Security BreachCLSK fell about 6% on Oct 30 in a broader selloff of crypto-linked stocks after a reported $6.3 billion security breach at Binance.
- B. Riley Adjusts CleanSpark Price Target to $21 From $26, Maintains Buy RatingB. Riley lowered its CleanSpark price target to $21 from $26 and kept its Buy rating. It is the highest target among the recent analyst updates.
About CLEANSPARK INC
CleanSpark is a large US bitcoin miner that runs power-heavy data centers, mostly in Georgia and Texas, and keeps a big stockpile of the bitcoin it mines (roughly 14,000 BTC as of mid-2026). It is now also turning its sites into AI data centers and has signed a 20-year lease with Meta at its Sandersville, Georgia campus. The company says that lease could bring in about $6.6 billion over its term, and it borrowed about $2.3 billion in secured notes to help build the site.
How it makes money
Today almost all of its revenue comes from mining bitcoin, meaning it earns block rewards and transaction fees for running computers that secure the bitcoin network. Quarterly revenue was about $138 million in fiscal Q3 2026. Because it holds a lot of bitcoin, its reported profit swings with changes in bitcoin's price. For example, it posted a GAAP net loss of about $240 million that quarter, mainly because its bitcoin holdings fell in value. Over time it expects more income from leasing data-center space and power to AI customers, starting with the triple-net lease with Meta, where the tenant pays most property costs.
What usually moves CLSK
- Bitcoin price and network mining difficulty
- Power costs and access to electricity
- Progress building AI data centers and signing tenants
- Debt load and financing terms
- Changes in bitcoin's mining rewards and transaction fees