Cleanspark (NASDAQ:CLSK) Hits New 12-Month Low Following Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s share price reached a new 52-week low during mid-day trading on Thursday after Sanford C. Bernstein lowered their price target on the stock from $24.00 to $11.00. Sanford C. Bernstein currently has an outperform rating on the stock. Cleanspark traded as low as $6.63 and last traded at $6.4440, with a volume of 506,084 shares traded. The stock had previously closed at $6.80.

CLSK has been the topic of a number of other reports. BTIG Research restated a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a report on Tuesday, July 14th. Needham & Company LLC upped their target price on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Chardan Capital reiterated a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. Weiss Ratings raised Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Canaccord Genuity Group assumed coverage on shares of Cleanspark in a research report on Thursday, October 22nd. They issued a “buy” rating and a $20.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.71.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 25,249 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the transaction, the chief operating officer directly owned 236,114 shares of the company’s stock, valued at approximately $3,149,760.76. The trade was a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Cleanspark

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

Cleanspark Stock Performance

The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The company has a market cap of $1.63 billion, a P/E ratio of -1.72 and a beta of 3.66. The stock’s fifty day moving average price is $11.24 and its two-hundred day moving average price is $12.27.

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

About Cleanspark

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.