CleanSpark (NASDAQ:CLSK) Trading Down 7.4% - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price traded down 7.4% during trading on Tuesday . The company traded as low as $10.45 and last traded at $10.36. 11,110,778 shares were traded during mid-day trading, a decline of 54% from the average session volume of 23,941,084 shares. The stock had previously closed at $11.18.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Macquarie raised their price objective on CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. raised CleanSpark from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Needham & Company LLC initiated coverage on CleanSpark in a research note on Wednesday. They issued a "buy" rating and a $20.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $22.25.

CleanSpark Price Performance

The stock has a fifty day moving average price of $10.89 and a two-hundred day moving average price of $11.35. The company has a market cap of $2.95 billion, a P/E ratio of 95.46 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results 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 negative return on equity of 2.81% and a net margin of 16.07%. Equities analysts predict that CleanSpark, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

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 sale, the chief executive officer now directly owns 3,059,326 shares in the company, 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 filing with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business'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 in the company, valued at approximately $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. Over the last three months, insiders have sold 24,536 shares of company stock worth $265,748. 2.65% of the stock is owned by company insiders.

Institutional Trading of CleanSpark

Hedge funds have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA purchased a new position in shares of CleanSpark in the fourth quarter valued at $31,000. GAMMA Investing LLC grew its position in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock valued at $36,000 after purchasing an additional 3,579 shares in the last quarter. Hollencrest Capital Management grew its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of 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 purchasing an additional 2,196 shares in the last quarter. Finally, KBC Group NV grew its position in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. 43.12% of the stock is currently 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.