CleanSpark (NASDAQ:CLSK) Stock Price Down 4% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price traded down 4% during mid-day trading on Tuesday . The stock traded as low as $7.50 and last traded at $7.47. 4,047,277 shares were traded during mid-day trading, a decline of 86% from the average session volume of 28,516,172 shares. The stock had previously closed at $7.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.57.

CleanSpark Trading Down 7.2 %

The stock has a fifty day simple moving average of $8.43 and a 200-day simple moving average of $10.54. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 65.64 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) 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%. Sell-side analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,836 shares of company stock worth $335,945. 2.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently bought and sold shares of CLSK. CX Institutional acquired a new position in shares of CleanSpark during the first quarter worth approximately $26,000. Compagnie Lombard Odier SCmA bought a new position in CleanSpark in the 4th quarter valued at $31,000. GAMMA Investing LLC increased its stake in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the period. Russell Investments Group Ltd. raised its position in shares of 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 acquiring an additional 2,196 shares during the last quarter. Finally, Truefg LLC acquired a new position in shares of CleanSpark during the first quarter valued at $84,000. 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.