CleanSpark (NASDAQ:CLSK) Shares Down 5.8%

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 5.8% on Tuesday . The company traded as low as $8.75 and last traded at $8.80. 8,610,238 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 30,163,051 shares. The stock had previously closed at $9.34.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CLSK. 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 for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.11.

CleanSpark Stock Down 6.6 %

The firm’s 50 day simple moving average is $11.40 and its 200-day simple moving average is $15.21.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The firm had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. Equities research analysts forecast that CleanSpark, Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 26,272 shares of company stock valued at $256,874. 3.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. American Capital Advisory LLC purchased a new stake in shares of CleanSpark in the first quarter valued at about $32,000. National Bank of Canada FI raised its stake in CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the last quarter. Hollencrest Capital Management acquired a new stake in CleanSpark during the 2nd quarter worth approximately $48,000. Russell Investments Group Ltd. grew its stake in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after purchasing an additional 787 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in CleanSpark in the 1st quarter valued at $109,000. 43.12% of the stock is 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.