CleanSpark (NASDAQ:CLSK) Stock Price Down 5.4%

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price dropped 5.4% during mid-day trading on Tuesday . The company traded as low as $17.10 and last traded at $17.14. Approximately 4,834,918 shares were traded during trading, a decline of 86% from the average daily volume of 34,273,766 shares. The stock had previously closed at $18.12.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of recent analyst reports. BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Chardan Capital boosted their price objective on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Monday, April 15th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Finally, Cantor Fitzgerald boosted their target price on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Stock Performance

The company has a 50-day moving average of $17.80 and a two-hundred day moving average of $11.52.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. As a group, analysts predict that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction dated 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 sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction dated 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 sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,169,620 shares of company stock worth $24,963,509. 3.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. SG Americas Securities LLC grew its stake in CleanSpark by 65.7% during the 3rd quarter. SG Americas Securities LLC now owns 43,734 shares of the company’s stock valued at $167,000 after purchasing an additional 17,341 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in CleanSpark by 32.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 502,345 shares of the company’s stock worth $1,914,000 after buying an additional 124,488 shares during the last quarter. Shariaportfolio Inc. bought a new position in CleanSpark during the 3rd quarter worth approximately $3,161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in CleanSpark during the 3rd quarter worth approximately $79,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in CleanSpark by 0.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company’s stock worth $3,048,000 after buying an additional 2,709 shares during the last quarter. Institutional investors and hedge funds 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.