Cleanspark (NASDAQ:CLSK) Shares Down 7.8% - What's Next?

Key Points

• Cleanspark's share price fell by 7.8%, trading as low as $9.89, with a significant decline in trading volume, down 53% from the average.
• Despite the drop, several institutions have shown increased investment activity in Cleanspark, with Vanguard Group boosting its position by 22.8% in the last quarter.
• Cleanspark reported strong quarterly earnings, with earnings per share at $0.78, significantly exceeding analyst expectations, along with a 90.8% year-over-year revenue increase.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price dropped 7.8% during trading on Friday . The stock traded as low as $10.02 and last traded at $9.89. Approximately 11,876,573 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 25,378,217 shares. The stock had previously closed at $10.72.

Analyst Upgrades and Downgrades

CLSK has been the topic of several research reports. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Macquarie raised their price objective on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. raised their price objective on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Cantor Fitzgerald raised their price objective on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, LADENBURG THALM/SH SH assumed coverage on Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.47.

Cleanspark Price Performance

The stock has a market capitalization of $2.83 billion, a P/E ratio of 11.83 and a beta of 3.72. The company has a fifty day moving average of $10.99 and a two-hundred day moving average of $9.53.

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

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director directly owned 125,511 shares of the company's stock, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Cleanspark

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its position in Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock valued at $32,000 after purchasing an additional 1,694 shares during the period. Wellington Management Group LLP boosted its position in Cleanspark by 15.1% during the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after purchasing an additional 1,834 shares during the period. Mackenzie Financial Corp boosted its position in Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after purchasing an additional 1,898 shares during the period. Harvest Portfolios Group Inc. boosted its position in Cleanspark by 2.4% during the 1st quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock valued at $568,000 after purchasing an additional 2,014 shares during the period. Finally, Phoenix Financial Ltd. boosted its position in Cleanspark by 7.0% during the 2nd quarter. Phoenix Financial Ltd. now owns 31,979 shares of the company's stock valued at $352,000 after purchasing an additional 2,089 shares during the period. 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.