CleanSpark (NASDAQ:CLSK) Shares Down 5.4% – What’s Next?
by Kim Johansen · The Markets DailyShares of CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report) traded down 5.4% during mid-day trading on Friday . The company traded as low as $7.38 and last traded at $7.33. 7,719,492 shares traded hands during trading, a decline of 73% from the average session volume of 28,703,451 shares. The stock had previously closed at $7.75.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target 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 report on Thursday, March 13th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Macquarie boosted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC began coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark currently has an average rating of “Buy” and a consensus target price of $21.57.
Read Our Latest Analysis on CleanSpark
CleanSpark Stock Down 4.5 %
The company has a market capitalization of $2.08 billion, a P/E ratio of 67.13 and a beta of 4.20. The company’s 50-day simple moving average is $9.66 and its 200 day simple moving average is $10.76.
CleanSpark (NASDAQ:CLSK – Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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 research analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current year.
Insider Buying and Selling at CleanSpark
In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on 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 of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,186 shares of company stock valued at $246,375 in the last ninety days. Company insiders own 2.65% of the company’s stock.
Hedge Funds Weigh In On CleanSpark
Hedge funds and other institutional investors have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark during the 4th quarter worth about $31,000. GAMMA Investing LLC increased its position in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after purchasing an additional 2,196 shares in the last quarter. KBC Group NV increased its position in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of CleanSpark during the 4th quarter worth about $101,000. 43.12% of the stock is owned by institutional investors.
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.