CleanSpark (NASDAQ:CLSK) Stock Price Down 6.6%

CleanSpark, Inc. (NASDAQ:CLSK) shares were down 6.6% during mid-day trading on Thursday . The stock traded as low as $17.05 and last traded at $17.22. Approximately 8,021,017 shares changed hands during trading, a decline of 76% from the average daily volume of 33,211,266 shares. The stock had previously closed at $18.44.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CLSK shares. Chardan Capital reissued a “buy” rating and set a $26.00 target price on shares of CleanSpark in a research note on Monday, May 13th. JPMorgan Chase & Co. increased their price objective on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, May 10th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Finally, BTIG Research raised their price target on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Price Performance

The stock has a fifty day moving average price of $17.54 and a two-hundred day moving average price of $13.07.

Insider Transactions at CleanSpark

In other news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The disclosure for this sale can be found here. Insiders sold a total of 1,158,644 shares of company stock valued at $24,767,587 over the last three months. 3.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC lifted its stake in shares of CleanSpark by 73.4% during the first quarter. Cetera Advisors LLC now owns 19,892 shares of the company’s stock worth $422,000 after purchasing an additional 8,417 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of CleanSpark in the first quarter worth about $237,000. Comerica Bank acquired a new stake in CleanSpark during the first quarter valued at approximately $1,894,000. California State Teachers Retirement System raised its stake in CleanSpark by 15.7% during the first quarter. California State Teachers Retirement System now owns 185,781 shares of the company’s stock valued at $3,940,000 after buying an additional 25,145 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in CleanSpark during the first quarter valued at approximately $723,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

About CleanSpark

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.