CleanSpark (NASDAQ:CLSK) Stock Price Down 4.1%

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) dropped 4.1% on Monday . The stock traded as low as $8.87 and last traded at $9.00. Approximately 882,110 shares were traded during trading, a decline of 97% from the average daily volume of 30,686,420 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CLSK. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. reduced their target price on CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.97.

CleanSpark Stock Performance

The firm has a 50 day moving average of $13.08 and a 200 day moving average of $15.81.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The firm had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. Analysts forecast that CleanSpark, Inc. will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company's stock, valued at $1,266,342. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 26,272 shares of company stock valued at $264,421. Corporate insiders own 3.46% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Several institutional investors have recently bought and sold shares of CLSK. American Capital Advisory LLC purchased a new position in CleanSpark during the 1st quarter worth $32,000. National Bank of Canada FI boosted its holdings in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company's stock worth $41,000 after purchasing an additional 2,119 shares during the last quarter. Hollencrest Capital Management purchased a new position in CleanSpark during the second quarter worth about $48,000. Russell Investments Group Ltd. grew its position in CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company's stock worth $62,000 after purchasing an additional 787 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in CleanSpark in the 1st quarter valued at about $109,000. Institutional investors own 43.12% of the company's stock.

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.