CleanSpark (NASDAQ:CLSK) Shares Down 5% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) shares were down 5% on Tuesday . The stock traded as low as $9.21 and last traded at $9.14. Approximately 1,754,334 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 27,831,741 shares. The stock had previously closed at $9.62.

Analysts Set New Price Targets

Several brokerages have commented on CLSK. JPMorgan Chase & Co. increased their price target on CleanSpark from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Friday. Chardan Capital assumed coverage on CleanSpark in a research note on Wednesday, May 21st. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, BTIG Research reaffirmed a “buy” rating on shares of CleanSpark in a report on Friday. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $21.00.

CleanSpark Trading Down 7.4%

The company has a market cap of $2.50 billion, a price-to-earnings ratio of 80.92 and a beta of 4.23. The business’s 50 day moving average price is $8.86 and its 200-day moving average price is $9.57.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The company’s revenue was up 62.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. Equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Roger Paul Beynon sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director now owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. CX Institutional purchased a new stake in CleanSpark in the 1st quarter valued at about $26,000. Strs Ohio purchased a new stake in shares of CleanSpark during the first quarter valued at approximately $38,000. Quarry LP bought a new position in CleanSpark in the 1st quarter valued at $47,000. Russell Investments Group Ltd. increased its position in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of CleanSpark during the 1st quarter worth $68,000. 43.12% of the stock is owned by institutional investors.

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.