Cleanspark (NASDAQ:CLSK) Stock Price Down 7.3% – Here’s Why

Cleanspark, Inc. (NASDAQ:CLSK) shares fell 7.3% during trading on Wednesday. The company traded as low as $9.60 and last traded at $9.4120. 1,959,373 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 22,153,059 shares. The stock had previously closed at $10.15.

Analysts Set New Price Targets

CLSK has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $26.00 price target on shares of Cleanspark in a research report on Friday, August 7th. Citizens Jmp initiated coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. BTIG Research restated a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a report on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.88.

Cleanspark Trading Down 10.0%

The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The firm has a market capitalization of $2.35 billion, a P/E ratio of -2.43 and a beta of 3.84. The firm has a 50-day moving average of $12.52 and a 200-day moving average of $13.33.

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

Insider Buying and Selling at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 25,249 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the completion of the sale, the chief operating officer owned 236,114 shares of the company’s stock, valued at approximately $3,149,760.76. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 33,151 shares of company stock worth $435,473 over the last three months. 2.08% of the stock is owned by insiders.

Institutional Trading of Cleanspark

Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of Cleanspark by 81.3% during the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after buying an additional 6,323,715 shares during the last quarter. Situational Awareness LP grew its holdings in Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Bank of America Corp DE increased its position in shares of Cleanspark by 49.2% during the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its stake in Cleanspark by 617.3% during the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after buying an additional 770,000 shares during the last quarter. Finally, Headlands Technologies LLC grew its stake in Cleanspark by 214.8% during the 2nd quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock worth $7,457,000 after buying an additional 349,658 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.