CleanSpark (NASDAQ:CLSK) Shares Down 8.9% - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price fell 8.9% during mid-day trading on Tuesday . The company traded as low as $6.78 and last traded at $6.77. 13,235,328 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 28,632,616 shares. The stock had previously closed at $7.43.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Performance

The business has a 50-day moving average of $8.48 and a 200 day moving average of $10.56. The stock has a market cap of $2.11 billion, a PE ratio of 68.19 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (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%. Equities analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, CEO Zachary Bradford sold 10,533 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 $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company's stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction dated 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 $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. In the last three months, insiders sold 34,836 shares of company stock worth $335,945. Insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after purchasing an additional 495,367 shares during the period. Geode Capital Management LLC increased its holdings in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after buying an additional 353,807 shares during the last quarter. State Street Corp raised its position in shares of CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company's stock worth $56,730,000 after buying an additional 261,195 shares during the period. Assenagon Asset Management S.A. acquired a new position in CleanSpark in the fourth quarter valued at $39,940,000. Finally, Invesco Ltd. grew its position in CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock valued at $27,486,000 after acquiring an additional 914,279 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.