CleanSpark (NASDAQ:CLSK) Stock Price Down 4% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) was down 4% during trading on Tuesday . The stock traded as low as $7.50 and last traded at $7.47. Approximately 4,047,277 shares traded hands during trading, a decline of 86% from the average daily volume of 28,516,172 shares. The stock had previously closed at $7.78.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday, February 7th. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. Needham & Company LLC began coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their target price on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, CleanSpark has a consensus rating of “Buy” and an average target price of $21.57.

CleanSpark Price Performance

The firm’s fifty day moving average is $8.28 and its 200 day moving average is $10.50. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 66.19 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,836 shares of company stock valued at $335,945. Insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently bought and sold shares of the business. Matauro LLC lifted its position in shares of CleanSpark by 46.8% in the first quarter. Matauro LLC now owns 116,577 shares of the company’s stock worth $783,000 after buying an additional 37,170 shares during the last quarter. Tobam raised its stake in shares of CleanSpark by 10.9% in the 1st quarter. Tobam now owns 36,795 shares of the company’s stock valued at $247,000 after acquiring an additional 3,624 shares in the last quarter. CX Institutional bought a new position in shares of CleanSpark in the 1st quarter valued at approximately $26,000. Yousif Capital Management LLC acquired a new stake in CleanSpark in the 1st quarter worth approximately $689,000. Finally, Truefg LLC bought a new stake in CleanSpark during the first quarter worth approximately $84,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.