CleanSpark (NASDAQ:CLSK) Trading Down 5.4%

CleanSpark, Inc. (NASDAQ:CLSK)’s share price fell 5.4% during trading on Tuesday . The stock traded as low as $17.10 and last traded at $17.14. 4,834,918 shares were traded during trading, a decline of 86% from the average session volume of 34,273,766 shares. The stock had previously closed at $18.12.

Analysts Set New Price Targets

Several brokerages recently commented on CLSK. TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lifted their target price on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Monday, April 15th. Cantor Fitzgerald lifted their price target on CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Chardan Capital lifted their price target on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, CleanSpark has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Trading Down 8.6 %

The business has a fifty day moving average price of $17.80 and a 200-day moving average price of $11.52.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The company had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. On average, equities research analysts expect that CleanSpark, Inc. will post -0.3 EPS for the current year.

Insider Activity

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the completion of the transaction, the chief executive officer now directly owns 2,795,863 shares in the company, valued at $56,783,977.53. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,169,620 shares of company stock worth $24,963,509. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 21.7% during the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock worth $28,701,000 after buying an additional 1,345,135 shares in the last quarter. Swiss National Bank acquired a new position in shares of CleanSpark during the third quarter worth $897,000. Versor Investments LP acquired a new position in shares of CleanSpark during the third quarter worth $453,000. Scotia Capital Inc. bought a new stake in shares of CleanSpark in the third quarter worth $39,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of CleanSpark by 273.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after purchasing an additional 905,993 shares during the last quarter. 43.12% of the stock is currently 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.