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Cleanspark (NASDAQ:CLSK) Stock Price Down 7% - Here's Why

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Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price fell 7% during mid-day trading on Monday . The stock traded as low as $11.20 and last traded at $11.39. 5,739,603 shares traded hands during trading, a decline of 79% from the average session volume of 27,884,882 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

CLSK has been the topic of a number of research reports. BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. JPMorgan Chase & Co. increased their price objective on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, June 13th. B. Riley assumed coverage on Cleanspark in a research report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price target for the company. Finally, Chardan Capital restated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research report on Tuesday. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cleanspark presently has an average rating of "Buy" and an average price target of $20.38.

Check Out Our Latest Stock Analysis on CLSK

Cleanspark Trading Up 3.4%

The business has a fifty day moving average price of $9.87 and a two-hundred day moving average price of $9.37. The firm has a market capitalization of $3.62 billion, a PE ratio of -13.44 and a beta of 4.23.

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

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Institutional investors have recently added to or reduced their stakes in the stock. CX Institutional purchased a new stake in Cleanspark in the 1st quarter valued at approximately $26,000. Strs Ohio acquired a new stake in shares of Cleanspark during the first quarter valued at about $38,000. Russell Investments Group Ltd. lifted its position in shares of Cleanspark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares during the last quarter. Quarry LP bought a new position in shares of Cleanspark during the first quarter worth about $47,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Cleanspark during the first quarter worth about $68,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Company Profile

(Get Free Report)

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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