CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report)’s share price was down 7.1% on Monday . The stock traded as low as $8.87 and last traded at $8.90. Approximately 18,207,660 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 29,983,068 shares. The stock had previously closed at $9.58.
Wall Street Analyst Weigh In
Several analysts have weighed in on CLSK shares. JPMorgan Chase & Co. lowered their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. Macquarie started coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.11.
Read Our Latest Analysis on CLSK
CleanSpark Stock Performance
CleanSpark (NASDAQ:CLSK – Get Free Report) last released its earnings results on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $114.04 million. Research analysts expect that CleanSpark, Inc. will post -0.06 EPS for the current year.
Insider Buying and Selling
In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 26,272 shares of company stock worth $256,874. 3.46% of the stock is owned by company insiders.
Hedge Funds Weigh In On CleanSpark
A number of large investors have recently modified their holdings of CLSK. VitalStone Financial LLC raised its holdings in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after purchasing an additional 1,930 shares during the period. Vanguard Group Inc. raised its holdings in shares of CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after buying an additional 515,314 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of CleanSpark during the 1st quarter valued at about $109,000. CAP Partners LLC purchased a new stake in shares of CleanSpark during the 1st quarter valued at about $767,000. Finally, Sloy Dahl & Holst LLC purchased a new stake in shares of CleanSpark during the 1st quarter valued at about $302,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.
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.
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