Cleanspark (NASDAQ:CLSK) Shares Down 7.3% – What’s Next?

Cleanspark, Inc. (NASDAQ:CLSK)’s share price fell 7.3% during mid-day trading on Wednesday. The company traded as low as $9.60 and last traded at $9.4120. Approximately 1,959,373 shares changed hands during trading, a decline of 91% from the average session volume of 22,153,059 shares. The stock had previously closed at $10.15.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a research note on Friday, August 7th. Weiss Ratings raised shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Citizens Jmp assumed coverage on Cleanspark in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price target for the company. Citigroup began coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Stock Down 10.0%

The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The business has a 50 day simple moving average of $12.52 and a 200-day simple moving average of $13.33. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -2.43 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The firm had revenue of $138.01 million for the quarter, compared to analysts’ expectations of $142.37 million. During the same period last year, the firm earned $0.90 earnings per share. Cleanspark’s revenue for the quarter was down 30.5% on a year-over-year basis. On average, equities analysts expect that Cleanspark, Inc. will post -1.40 EPS for the current year.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the completion of the transaction, the chief operating officer owned 236,114 shares in the company, valued at $3,149,760.76. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 33,151 shares of company stock valued at $435,473 in the last ninety days. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in Cleanspark during the second quarter worth about $5,521,000. Compass Financial Management LLC acquired a new position in Cleanspark in the second quarter valued at $1,830,000. Situational Awareness LP lifted its holdings in shares of Cleanspark by 648.4% during the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after acquiring an additional 10,635,739 shares during the period. Bank of America Corp DE boosted its holdings in shares of Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after purchasing an additional 849,865 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC raised its holdings in shares of Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after purchasing an additional 770,000 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.