CleanSpark (NASDAQ:CLSK) Stock Price Down 4% – Here’s Why

by · The Cerbat Gem

CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report)’s share price dropped 4% during mid-day trading on Tuesday . The stock traded as low as $7.50 and last traded at $7.47. Approximately 4,047,277 shares traded hands during trading, a decline of 86% from the average daily volume of 28,516,172 shares. The stock had previously closed at $7.78.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Chardan Capital raised CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Finally, Needham & Company LLC began coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, CleanSpark currently has a consensus rating of “Buy” and an average price target of $21.57.

Check Out Our Latest Stock Report on CleanSpark

CleanSpark Price Performance

The business has a 50-day simple moving average of $8.43 and a two-hundred day simple moving average of $10.54. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 65.64 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK – Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, equities analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the transaction, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CX Institutional bought a new position in CleanSpark in the first quarter valued at about $26,000. Yousif Capital Management LLC acquired a new position in shares of CleanSpark during the first quarter worth $689,000. Truefg LLC bought a new stake in shares of CleanSpark in the first quarter worth $84,000. Farther Finance Advisors LLC raised its position in CleanSpark by 93.4% during the 1st quarter. Farther Finance Advisors LLC now owns 26,306 shares of the company’s stock worth $177,000 after purchasing an additional 12,706 shares during the last quarter. Finally, Congress Asset Management Co. acquired a new position in CleanSpark during the 1st quarter worth about $2,352,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark

(Get Free Report)

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.

Read More