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

Cleanspark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened on Wednesday after Keefe, Bruyette & Woods downgraded the stock from an outperform rating to a market perform rating. The stock had previously closed at $8.15, but opened at $7.15. Keefe, Bruyette & Woods now has a $9.50 price target on the stock. Cleanspark shares last traded at $7.2590, with a volume of 8,253,616 shares traded.

CLSK has been the subject of several other reports. B. Riley Financial cut their price target on shares of Cleanspark from $26.00 to $21.00 and set a “buy” rating for the company in a report on Friday, October 30th. Canaccord Genuity Group began coverage on shares of Cleanspark in a research note on Thursday, October 22nd. They set a “buy” rating and a $20.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Zacks Research cut shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. Finally, BTIG Research reiterated a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and an average target price of $21.46.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of Cleanspark stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total value of $41,120.55. Following the sale, the chief operating officer directly owned 336,810 shares in the company, valued at approximately $4,152,867.30. The trade was a 0.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 33,151 shares of company stock valued at $435,473. 2.08% of the stock is currently owned by insiders.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. CoreCap Advisors LLC raised its holdings in Cleanspark by 16.8% during the second quarter. CoreCap Advisors LLC now owns 5,565 shares of the company’s stock worth $81,000 after acquiring an additional 800 shares in the last quarter. CX Institutional boosted its position in Cleanspark by 4.3% during the third quarter. CX Institutional now owns 19,462 shares of the company’s stock valued at $251,000 after purchasing an additional 804 shares during the last quarter. KBC Group NV boosted its position in Cleanspark by 10.7% during the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock valued at $73,000 after purchasing an additional 828 shares during the last quarter. Markowski Investments bought a new position in Cleanspark in the second quarter valued at approximately $25,000. Finally, NewEdge Advisors LLC grew its stake in Cleanspark by 53.7% in the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock valued at $76,000 after purchasing an additional 1,822 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Price Performance

The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -1.92 and a beta of 3.66. The company has a 50-day simple moving average of $11.36 and a two-hundred day simple moving average of $12.30. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The company had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The company’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. As a group, equities research analysts forecast that Cleanspark, Inc. will post -1.40 EPS for the current year.

About Cleanspark

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.