CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) fell 7.8% on Friday . The stock traded as low as $7.25 and last traded at $7.24. 4,338,647 shares traded hands during trading, a decline of 85% from the average session volume of 28,668,692 shares. The stock had previously closed at $7.85.
Wall Street Analyst Weigh In
Several research analysts have commented on the company. Macquarie lifted their price target on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Chardan Capital upgraded shares of CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. Needham & Company LLC began coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, HC Wainwright reissued a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Six 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, the stock currently has a consensus rating of "Buy" and a consensus price target of $21.57.
Read Our Latest Report on CleanSpark
CleanSpark Price Performance
The firm has a market cap of $2.12 billion, a P/E ratio of 68.73 and a beta of 4.20. The stock's 50 day moving average is $9.22 and its two-hundred day moving average is $10.72.
CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.
Insider Activity at CleanSpark
In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the business's 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 transaction, the chief executive officer now owns 3,059,326 shares of the company's stock, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock valued at $335,945 in the last ninety days. Insiders own 2.65% of the company's stock.
Hedge Funds Weigh In On CleanSpark
A number of large investors have recently modified their holdings of CLSK. Kovitz Investment Group Partners LLC raised its position in CleanSpark by 85.8% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company's stock worth $1,727,000 after purchasing an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock worth $20,500,000 after acquiring an additional 208,862 shares during the last quarter. Barclays PLC lifted its stake in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company's stock valued at $3,634,000 after acquiring an additional 305,316 shares during the period. Virtu Financial LLC bought a new position in CleanSpark in the fourth quarter valued at about $338,000. Finally, Arete Wealth Advisors LLC bought a new stake in CleanSpark during the 3rd quarter worth about $903,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.
CleanSpark Company Profile
(
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.
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