Cleanspark (NASDAQ:CLSK) Reaches New 12-Month Low – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK)’s share price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $8.00 and last traded at $8.04, with a volume of 10,907,650 shares. The stock had previously closed at $8.75.

Analyst Ratings Changes

Several research firms have recently weighed in on CLSK. Weiss Ratings upgraded Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Chardan Capital reaffirmed a “buy” rating and issued a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Citigroup initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating on the stock. Canaccord Genuity Group started coverage on shares of Cleanspark in a research report on Thursday. They set a “buy” rating and a $20.00 target price for the company. Finally, Needham & Company LLC lifted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.11.

Cleanspark Stock Performance

The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91. The company has a market capitalization of $2.09 billion, a P/E ratio of -2.16 and a beta of 3.84. The business has a 50-day moving average of $12.10 and a 200-day moving average of $13.34.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company had revenue of $138.01 million during 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 quarterly revenue was down 30.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cleanspark, Inc. will post -1.40 EPS for the current year.

Insider Activity

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66. Following the transaction, the chief operating officer owned 236,114 shares in the company, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 33,151 shares of company stock worth $435,473 over the last 90 days. Corporate insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Hedge funds have recently bought and sold shares of the stock. Markowski Investments acquired a new stake in shares of Cleanspark in the second quarter valued at about $25,000. GK Wealth Management LLC purchased a new stake in Cleanspark during the 3rd quarter valued at about $52,000. Versant Capital Management Inc grew its position in shares of Cleanspark by 229.0% in the third quarter. Versant Capital Management Inc now owns 4,939 shares of the company’s stock valued at $64,000 after purchasing an additional 3,438 shares in the last quarter. KBC Group NV boosted its stake in Cleanspark by 10.7% during the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after buying an additional 828 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after acquiring an additional 1,822 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.