CleanSpark (NASDAQ:CLSK) Shares Down 5.9% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shares traded down 5.9% during mid-day trading on Monday . The stock traded as low as $11.95 and last traded at $12.10. 7,426,223 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 29,814,848 shares. The stock had previously closed at $12.86.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CLSK. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Macquarie started coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Stock Down 3.6 %

The company has a 50 day moving average of $10.17 and a 200 day moving average of $14.20.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. On average, research analysts expect that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the second quarter worth $18,074,000. Millennium Management LLC boosted its holdings in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the period. Bank of New York Mellon Corp grew its stake in CleanSpark by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in CleanSpark by 45.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 568,086 shares of the company’s stock worth $5,306,000 after acquiring an additional 178,117 shares during the period. Institutional investors and hedge funds 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.