CleanSpark (NASDAQ:CLSK) Shares Down 5.4%

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price was down 5.4% during mid-day trading on Tuesday . The company traded as low as $17.10 and last traded at $17.14. Approximately 4,834,918 shares traded hands during trading, a decline of 86% from the average daily volume of 34,273,766 shares. The stock had previously closed at $18.12.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. boosted their price target on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. Chardan Capital upped their target price on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Monday, April 15th. Finally, Cantor Fitzgerald raised their price objective on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Stock Performance

The firm has a 50 day simple moving average of $17.80 and a 200 day simple moving average of $11.64.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. As a group, equities research analysts anticipate that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Transactions at CleanSpark

In other news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock worth $24,963,509 in the last ninety days. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently bought and sold shares of CLSK. SG Americas Securities LLC raised its holdings in CleanSpark by 65.7% during the third quarter. SG Americas Securities LLC now owns 43,734 shares of the company’s stock valued at $167,000 after acquiring an additional 17,341 shares during the period. Bank of New York Mellon Corp raised its holdings in CleanSpark by 32.9% during the third quarter. Bank of New York Mellon Corp now owns 502,345 shares of the company’s stock valued at $1,914,000 after acquiring an additional 124,488 shares during the period. Shariaportfolio Inc. bought a new stake in CleanSpark during the third quarter valued at about $3,161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in CleanSpark during the third quarter valued at about $79,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in CleanSpark by 0.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company’s stock valued at $3,048,000 after acquiring an additional 2,709 shares during the period. 43.12% of the stock is owned by institutional investors.

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.