CleanSpark (NASDAQ:CLSK) Shares Down 5.9% - Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) traded down 5.9% on Monday . The stock traded as low as $11.95 and last traded at $12.10. 7,426,223 shares were traded during trading, a decline of 75% from the average session volume of 29,814,848 shares. The stock had previously closed at $12.86.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. HC Wainwright reiterated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an "outperform" rating and a $20.00 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, CleanSpark currently has a consensus rating of "Moderate Buy" and an average price target of $19.11.

CleanSpark Stock Performance

The firm's fifty day moving average price is $10.15 and its 200 day moving average price is $14.23.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate 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 company had revenue of $104.11 million for the quarter, compared to analysts' expectations of $114.04 million. As a group, sell-side analysts predict that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CLSK. Vanguard Group Inc. lifted its position in CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after acquiring an additional 515,314 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in CleanSpark during the 1st quarter worth $109,000. CAP Partners LLC acquired a new position in CleanSpark during the 1st quarter worth $767,000. Sloy Dahl & Holst LLC acquired a new position in CleanSpark during the 1st quarter worth $302,000. Finally, United Capital Management of KS Inc. acquired a new position in CleanSpark during the 1st quarter worth $327,000. Institutional investors and hedge funds 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.