CleanSpark (NASDAQ:CLSK) Stock Price Down 5.8%

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CLSK shares. Macquarie began coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, CleanSpark presently has an average rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Stock Performance

The stock’s 50 day moving average price is $11.40 and its two-hundred day moving average price is $15.21.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The company had revenue of $104.11 million for 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%. As a group, research analysts predict that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 26,272 shares of company stock worth $256,874. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Large investors have recently added to or reduced their stakes in the business. American Capital Advisory LLC acquired a new position in shares of CleanSpark during the 1st quarter valued at about $32,000. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the period. Hollencrest Capital Management purchased a new position in CleanSpark during the second quarter worth approximately $48,000. Russell Investments Group Ltd. boosted its holdings 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 acquired a new position in shares of CleanSpark in the 1st quarter valued at $109,000. 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.