CleanSpark (NASDAQ:CLSK) Stock Price Down 4% - Here's What Happened

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Chardan Capital upgraded CleanSpark to a "strong-buy" rating in a report on Monday, March 24th. Needham & Company LLC assumed coverage on CleanSpark in a research report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. HC Wainwright restated a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an "outperform" rating and a $19.00 price target for the company. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, CleanSpark has an average rating of "Buy" and an average price target of $21.57.

CleanSpark Stock Up 3.2 %

The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 68.28 and a beta of 4.12. The stock's fifty day moving average is $8.15 and its two-hundred day moving average is $10.48.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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, analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity

In other CleanSpark 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 completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $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 90 days, insiders sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently made changes to their positions in CLSK. CX Institutional acquired a new position in shares of CleanSpark during the 1st quarter worth $26,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of CleanSpark in the fourth quarter valued at about $31,000. GAMMA Investing LLC raised its holdings in 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 during the last quarter. Russell Investments Group Ltd. lifted its holdings in CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the period. Finally, Truefg LLC bought a new stake in shares of CleanSpark during the 1st quarter valued at about $84,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark

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.