CleanSpark (NASDAQ:CLSK) Stock Price Down 6.4% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSKGet Free Report)’s share price dropped 6.4% on Wednesday . The company traded as low as $9.21 and last traded at $9.23. Approximately 7,640,097 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 28,225,193 shares. The stock had previously closed at $9.86.

Analysts Set New Price Targets

CLSK has been the subject of a number of recent analyst reports. Chardan Capital initiated coverage on CleanSpark in a research report on Wednesday, May 21st. They issued a “buy” rating and a $20.00 price objective for the company. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $20.71.

Check Out Our Latest Research Report on CleanSpark

CleanSpark Stock Performance

The company has a market cap of $2.47 billion, a PE ratio of 79.83 and a beta of 4.36. The stock has a 50 day moving average of $8.38 and a 200-day moving average of $10.03.

CleanSpark (NASDAQ:CLSKGet Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to analysts’ expectations of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business’s revenue was up 62.5% on a year-over-year basis. During the same quarter last year, the business earned $0.59 EPS. Equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director now owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently modified their holdings of the business. Compagnie Lombard Odier SCmA acquired a new stake in shares of CleanSpark during the 4th quarter valued at about $31,000. CX Institutional acquired a new stake in shares of CleanSpark during the 1st quarter valued at about $26,000. Strs Ohio acquired a new stake in shares of CleanSpark during the 1st quarter valued at about $38,000. Russell Investments Group Ltd. grew its position in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after acquiring an additional 2,196 shares during the period. Finally, Quarry LP acquired a new stake in shares of CleanSpark during the 1st quarter valued at about $47,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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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