CleanSpark (NASDAQ:CLSK) Trading Down 7.4% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) shares were down 7.4% during trading on Tuesday . The company traded as low as $10.45 and last traded at $10.36. Approximately 11,110,778 shares changed hands during trading, a decline of 54% from the average daily volume of 23,941,084 shares. The stock had previously closed at $11.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CLSK shares. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has an average rating of “Buy” and an average price target of $22.57.

CleanSpark Stock Down 7.6 %

The stock’s fifty day moving average price is $11.27 and its 200-day moving average price is $11.51. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 93.51 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.81%. Analysts anticipate that CleanSpark, Inc. will post 0.29 EPS for the current year.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Cetera Investment Advisers increased its position in shares of CleanSpark by 84.8% during the 2nd quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock worth $1,994,000 after purchasing an additional 57,354 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in CleanSpark during the second quarter worth $286,000. Handelsbanken Fonder AB raised its position in CleanSpark by 32.4% during the third quarter. Handelsbanken Fonder AB now owns 56,000 shares of the company’s stock worth $523,000 after acquiring an additional 13,700 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in CleanSpark by 45.7% in the third quarter. Exchange Traded Concepts LLC now owns 568,086 shares of the company’s stock valued at $5,306,000 after acquiring an additional 178,117 shares during the last quarter. Finally, VitalStone Financial LLC grew its position in shares of CleanSpark by 124.6% in the 3rd quarter. VitalStone Financial LLC now owns 142,554 shares of the company’s stock valued at $1,331,000 after acquiring an additional 79,073 shares during the period. Institutional investors own 43.12% of the company’s stock.

CleanSpark Company Profile

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.