CleanSpark (NASDAQ:CLSK) Stock Price Down 7.1% - Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price traded down 7.1% during trading on Monday . The stock traded as low as $8.87 and last traded at $8.90. 18,207,660 shares traded hands during trading, a decline of 39% from the average session volume of 29,983,068 shares. The stock had previously closed at $9.58.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday. Finally, Macquarie assumed coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an "outperform" rating and a $20.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, CleanSpark presently has an average rating of "Moderate Buy" and an average price target of $19.11.

CleanSpark Stock Down 5.0 %

The firm's 50 day moving average price is $10.62 and its 200-day moving average price is $14.87.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, research analysts forecast that CleanSpark, Inc. will post -0.06 EPS for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares of the company's stock, valued at approximately $1,266,342. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 26,272 shares of company stock valued at $256,874 over the last ninety days. Insiders own 3.46% of the company's stock.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently added to or reduced their stakes in CLSK. Swiss National Bank grew its holdings in shares of CleanSpark by 21.3% in the first quarter. Swiss National Bank now owns 364,800 shares of the company's stock worth $7,737,000 after acquiring an additional 64,000 shares during the period. Vanguard Group Inc. grew its stake in shares of CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock valued at $88,775,000 after purchasing an additional 515,314 shares during the period. Millennium Management LLC increased its position in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after purchasing an additional 534,825 shares during the last quarter. Granite Bay Wealth Management LLC bought a new position in shares of CleanSpark in the 2nd quarter worth approximately $1,563,000. Finally, Comerica Bank bought a new position in shares of CleanSpark in the 1st quarter worth approximately $1,894,000. Institutional investors own 43.12% of the company's stock.

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.