Cleanspark (NASDAQ:CLSK) Stock Falls 7.3% – Should You Sell?

Cleanspark, Inc. (NASDAQ:CLSK) shares traded down 7.3% on Wednesday. The stock traded as low as $9.60 and last traded at $9.4120. Approximately 1,959,373 shares were traded during trading, a decline of 91% from the average session volume of 22,153,059 shares. The stock had previously closed at $10.15.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. B. Riley Financial raised their target price on shares of Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Citigroup began coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They issued an “outperform” rating for the company. Keefe, Bruyette & Woods upped their price target on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $26.00 price target on shares of Cleanspark in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.88.

Cleanspark Trading Up 1.3%

The firm has a 50 day moving average of $12.37 and a two-hundred day moving average of $13.34. The company has a debt-to-equity ratio of 2.34, a current ratio of 5.91 and a quick ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The business had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The firm’s revenue was down 30.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. Equities analysts predict that Cleanspark, Inc. will post -1.40 EPS for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total transaction of $41,120.55. Following the sale, the chief operating officer owned 336,810 shares of the company’s stock, valued at approximately $4,152,867.30. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 33,151 shares of company stock worth $435,473 over the last quarter. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CLSK. Dimensional Fund Advisors LP grew its position in Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after acquiring an additional 6,323,715 shares during the last quarter. Situational Awareness LP grew its holdings in shares of Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cleanspark by 49.2% during the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in shares of Cleanspark by 617.3% during the first quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after purchasing an additional 770,000 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in shares of Cleanspark by 214.8% in the second quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock valued at $7,457,000 after buying an additional 349,658 shares during the period. 43.12% of the stock is currently owned by institutional investors.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.