Cleanspark (NASDAQ:CLSK) Shares Gap Down After Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK) shares gapped down prior to trading on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $15.10, but opened at $14.18. Cleanspark shares last traded at $14.5770, with a volume of 12,225,387 shares changing hands.

Several other equities analysts also recently weighed in on the company. BTIG Research raised their target price on Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, October 13th. Macquarie reduced their target price on shares of Cleanspark from $30.00 to $27.00 and set an “outperform” rating for the company in a research report on Wednesday, November 26th. Needham & Company LLC raised their price target on shares of Cleanspark from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. Chardan Capital reaffirmed a “buy” rating and set a $30.00 price objective on shares of Cleanspark in a research note on Wednesday, November 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cleanspark has an average rating of “Moderate Buy” and a consensus target price of $23.20.

Insider Activity at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Cleanspark by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,051,850 shares of the company’s stock valued at $377,752,000 after acquiring an additional 769,148 shares during the period. Geode Capital Management LLC grew its stake in shares of Cleanspark by 1.4% in the second quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company’s stock valued at $83,139,000 after buying an additional 101,401 shares in the last quarter. Invesco Ltd. grew its stake in shares of Cleanspark by 22.1% in the third quarter. Invesco Ltd. now owns 4,482,527 shares of the company’s stock valued at $64,997,000 after buying an additional 810,203 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Cleanspark by 13.3% in the 3rd quarter. Tidal Investments LLC now owns 4,366,437 shares of the company’s stock valued at $63,313,000 after buying an additional 514,062 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Cleanspark by 57.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock worth $62,521,000 after acquiring an additional 1,564,761 shares in the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

Cleanspark Stock Down 4.0%

The company has a market capitalization of $3.71 billion, a PE ratio of 13.05 and a beta of 3.79. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.30. The business has a fifty day moving average of $15.84 and a 200 day moving average of $12.36.

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.