CleanSpark (NASDAQ:CLSK) Stock Price Down 7.8% – What’s Next?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) dropped 7.8% during mid-day trading on Friday . The company traded as low as $7.25 and last traded at $7.24. Approximately 4,338,647 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 28,668,692 shares. The stock had previously closed at $7.85.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CLSK shares. JPMorgan Chase & Co. dropped their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC initiated coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a report on Monday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.57.

CleanSpark Trading Down 9.4 %

The firm’s fifty day moving average price is $9.42 and its two-hundred day moving average price is $10.73. The stock has a market capitalization of $2.00 billion, a PE ratio of 64.80 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, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, sell-side analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the company’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 transaction, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after purchasing an additional 495,367 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CleanSpark by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after buying an additional 353,807 shares in the last quarter. State Street Corp raised its position in shares of CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after buying an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of CleanSpark in the fourth quarter worth about $39,940,000. Finally, Invesco Ltd. boosted its position in CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after acquiring an additional 914,279 shares during the last quarter. 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.