CleanSpark (NASDAQ:CLSK) Stock Price Down 5.1%

CleanSpark, Inc. (NASDAQ:CLSK) shares dropped 5.1% on Wednesday . The company traded as low as $19.54 and last traded at $19.68. Approximately 18,324,828 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 34,861,816 shares. The stock had previously closed at $20.73.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of analyst reports. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Monday, April 15th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. JPMorgan Chase & Co. boosted their price objective on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Cantor Fitzgerald increased their target price on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Chardan Capital upped their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Trading Down 4.6 %

The firm’s 50 day simple moving average is $17.68 and its 200-day simple moving average is $11.09.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. The firm had revenue of $73.79 million for the quarter, compared to analyst estimates of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. Sell-side analysts forecast that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 322,400 shares of CleanSpark stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $20.95, for a total transaction of $6,754,280.00. Following the sale, the chairman now directly owns 2,698,768 shares in the company, valued at approximately $56,539,189.60. The disclosure for this sale can be found here. Insiders sold 1,169,620 shares of company stock worth $24,963,509 over the last ninety days. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently modified their holdings of CLSK. Vanguard Group Inc. raised its holdings in CleanSpark by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after buying an additional 1,345,135 shares during the period. Swiss National Bank acquired a new stake in shares of CleanSpark during the third quarter valued at about $897,000. Versor Investments LP purchased a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $453,000. Scotia Capital Inc. purchased a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $39,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of CleanSpark by 273.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after acquiring an additional 905,993 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.