Cleanspark (NASDAQ:CLSK) Shares Down 7.8% - Here's Why

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 share price dropped 7.8% during mid-day trading on Friday . The company traded as low as $10.02 and last traded at $9.89. Approximately 11,876,573 shares were traded 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.

Wall Street Analyst Weigh In

Several research firms have commented on CLSK. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Cantor Fitzgerald raised their target price on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. upped their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. B. Riley boosted their price target on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday. Finally, BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.92.

Cleanspark Trading Down 4.7%

The stock has a market capitalization of $2.87 billion, a P/E ratio of -10.63 and a beta of 3.72. The business has a 50-day moving average price of $10.92 and a two-hundred day moving average price of $9.57.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business's revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.03) earnings per share. On average, sell-side analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Cleanspark by 22.8% during 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Cleanspark by 1,018.1% in 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 in the last quarter. Jump Financial LLC acquired a new position in Cleanspark in the 4th quarter worth about $13,443,000. Principal Financial Group Inc. grew its holdings in shares of Cleanspark by 6,449.7% during the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after purchasing an additional 1,366,752 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Cleanspark in the first quarter valued at approximately $8,109,000. Institutional investors and hedge funds own 43.12% of the company's stock.

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.

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