Cleanspark (NASDAQ:CLSK) Shares Down 6.2% - What's Next?

Key Points

• Cleanspark, Inc.'s stock fell by 6.2% to close at $21.76, with trading volume decreasing by 51% compared to the average session.
• Analysts from B. Riley and Needham & Company have increased their price targets for Cleanspark, with B. Riley setting it at $25.00, indicating a buy recommendation.
• The company reported a significant quarterly revenue increase of 90.8% year-over-year, with earnings per share beating estimates by $0.71.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price fell 6.2% on Thursday . The company traded as low as $20.75 and last traded at $21.76. 12,975,655 shares traded hands during trading, a decline of 51% from the average session volume of 26,342,734 shares. The stock had previously closed at $23.20.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CLSK. B. Riley increased their price target on Cleanspark from $17.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday. Needham & Company LLC increased their price target on Cleanspark from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, October 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Cleanspark in a research report on Wednesday, October 8th. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH initiated coverage on Cleanspark in a research report on Monday, July 28th. They issued a "buy" rating and a $20.25 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.83.

Cleanspark Trading Down 10.1%

The company has a market capitalization of $5.86 billion, a price-to-earnings ratio of 24.53 and a beta of 3.88. The firm has a 50-day moving average price of $12.50 and a 200-day moving average price of $10.67.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The company had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same period last year, the firm earned ($1.03) EPS. The firm's revenue for the quarter was up 90.8% on a year-over-year basis. Equities research analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity

In other news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds have recently modified their holdings of CLSK. CX Institutional acquired a new position in shares of Cleanspark in the 1st quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Cleanspark in the 2nd quarter worth $29,000. Fifth Third Bancorp grew its holdings in shares of Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after acquiring an additional 1,694 shares during the last quarter. Strs Ohio acquired a new position in shares of Cleanspark in the 1st quarter worth $38,000. Finally, Quarry LP acquired a new position in shares of Cleanspark in the 1st quarter worth $47,000. 43.12% of the stock is currently 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.

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