CleanSpark (NASDAQ:CLSK) Shares Down 5.4% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) shares were down 5.4% on Friday . The stock traded as low as $7.38 and last traded at $7.33. Approximately 7,719,492 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 28,703,451 shares. The stock had previously closed at $7.75.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CLSK shares. JPMorgan Chase & Co. lowered their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC initiated coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $21.57.

CleanSpark Trading Down 4.5 %

The firm’s 50 day moving average is $9.66 and its two-hundred day moving average is $10.76. The firm has a market cap of $2.08 billion, a P/E ratio of 67.13 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,186 shares of company stock valued at $246,375. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently added to or reduced their stakes in CLSK. Compagnie Lombard Odier SCmA acquired a new position in CleanSpark during the fourth quarter worth $31,000. GAMMA Investing LLC increased its holdings in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after buying an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after buying an additional 2,196 shares during the last quarter. KBC Group NV increased its holdings in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. Finally, R Squared Ltd acquired a new position in CleanSpark during the fourth quarter worth $101,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.