CleanSpark (NASDAQ:CLSK) Shares Down 4.1%

CleanSpark, Inc. (NASDAQ:CLSK) shares dropped 4.1% on Monday . The stock traded as low as $8.87 and last traded at $9.00. Approximately 882,110 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 30,686,420 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Tuesday, September 3rd. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 11th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Stock Down 3.4 %

The company’s 50 day simple moving average is $12.83 and its two-hundred day simple moving average is $15.69.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The business had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $114.04 million. Equities research analysts anticipate that CleanSpark, Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction dated 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 owns 137,050 shares in the company, valued at $1,266,342. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 26,272 shares of company stock worth $264,421. 3.46% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its stake in CleanSpark by 50.5% during the 4th quarter. Victory Capital Management Inc. now owns 23,973 shares of the company’s stock valued at $264,000 after purchasing an additional 8,040 shares during the last quarter. Swiss National Bank boosted its position in CleanSpark by 27.8% in the fourth quarter. Swiss National Bank now owns 300,800 shares of the company’s stock valued at $3,318,000 after buying an additional 65,400 shares during the last quarter. Amalgamated Bank boosted its position in CleanSpark by 25.4% in the fourth quarter. Amalgamated Bank now owns 13,197 shares of the company’s stock valued at $146,000 after buying an additional 2,671 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in CleanSpark by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock worth $15,217,000 after buying an additional 142,078 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after buying an additional 3,235,171 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

CleanSpark Company Profile

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.