CleanSpark (NASDAQ:CLSK) Shares Down 5% - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares traded down 5% during mid-day trading on Tuesday . The stock traded as low as $9.21 and last traded at $9.14. 1,754,334 shares traded hands during trading, a decline of 94% from the average session volume of 27,831,741 shares. The stock had previously closed at $9.62.

Analysts Set New Price Targets

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

CleanSpark Price Performance

The company's 50-day moving average is $8.86 and its 200-day moving average is $9.57. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 80.92 and a beta of 4.23.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. During the same period in the prior year, the firm earned $0.59 earnings per share. The firm's quarterly revenue was up 62.5% on a year-over-year basis. Sell-side analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity at CleanSpark

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

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in CleanSpark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of CleanSpark by 1,018.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after purchasing an additional 1,536,145 shares during the last quarter. Jump Financial LLC acquired a new position in shares of CleanSpark during the 4th quarter worth $13,443,000. Principal Financial Group Inc. lifted its stake in shares of CleanSpark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after purchasing an additional 1,366,752 shares during the last quarter. Finally, Nuveen LLC bought a new stake in CleanSpark in the first quarter worth $8,109,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.

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