Cleanspark (NASDAQ:CLSK) Stock Price Down 5% - Here's Why

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price dropped 5% on Tuesday . The stock traded as low as $9.21 and last traded at $9.14. Approximately 1,754,334 shares changed hands during trading, a decline of 94% from the average daily volume of 27,831,741 shares. The stock had previously closed at $9.62.

Analyst Upgrades and Downgrades

CLSK has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, June 13th. Chardan Capital assumed coverage on shares of Cleanspark in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 target price on the stock. Finally, BTIG Research restated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cleanspark presently has an average rating of "Buy" and a consensus price target of $21.00.

Cleanspark Stock Performance

The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -9.37 and a beta of 4.23. The firm's fifty day simple moving average is $8.99 and its 200 day simple moving average is $9.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same quarter last year, the business earned $0.59 earnings per share. Cleanspark's revenue for the quarter was up 62.5% on a year-over-year basis. Analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now directly owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the transaction, the director now directly owns 125,511 shares of the company's stock, valued at $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC boosted its position in Cleanspark by 103.8% during the first quarter. Voya Investment Management LLC now owns 149,672 shares of the company's stock worth $1,006,000 after purchasing an additional 76,247 shares during the period. Rhumbline Advisers boosted its position in Cleanspark by 115.8% during the first quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock worth $4,844,000 after purchasing an additional 386,809 shares during the period. Strs Ohio bought a new position in Cleanspark during the first quarter worth $38,000. Belpointe Asset Management LLC boosted its position in Cleanspark by 87.6% during the first quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company's stock worth $130,000 after purchasing an additional 9,042 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cleanspark by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company's stock worth $4,025,000 after purchasing an additional 86,229 shares during the period. 43.12% of the stock is owned by institutional investors.

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.