CleanSpark (NASDAQ:CLSK) Trading Down 7.1% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) traded down 7.1% on Monday . The company traded as low as $8.87 and last traded at $8.90. 18,207,660 shares were traded during trading, a decline of 39% from the average session volume of 29,983,068 shares. The stock had previously closed at $9.58.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie assumed coverage on CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CleanSpark presently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Price Performance

The firm has a 50-day moving average price of $10.34 and a 200 day moving average price of $14.76.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). The firm had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. Research analysts expect that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 26,272 shares of company stock worth $256,874. 3.46% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Several hedge funds have recently made changes to their positions in the stock. Tobam lifted its holdings in shares of CleanSpark by 65.5% in the 3rd quarter. Tobam now owns 33,914 shares of the company’s stock worth $317,000 after purchasing an additional 13,427 shares during the last quarter. Sara Bay Financial raised its stake in CleanSpark by 50.0% during the 3rd quarter. Sara Bay Financial now owns 15,000 shares of the company’s stock valued at $140,000 after acquiring an additional 5,000 shares in the last quarter. Smith Anglin Financial LLC raised its stake in CleanSpark by 17.1% during the 3rd quarter. Smith Anglin Financial LLC now owns 30,800 shares of the company’s stock valued at $288,000 after acquiring an additional 4,500 shares in the last quarter. Handelsbanken Fonder AB raised its stake in CleanSpark by 32.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 56,000 shares of the company’s stock valued at $523,000 after acquiring an additional 13,700 shares in the last quarter. Finally, Doliver Advisors LP bought a new stake in CleanSpark during the 3rd quarter valued at $117,000. Institutional investors 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.