Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) dropped 7% during mid-day trading on Monday . The company traded as low as $11.20 and last traded at $11.39. Approximately 5,739,603 shares were traded during trading, a decline of 79% from the average daily volume of 27,884,882 shares. The stock had previously closed at $12.25.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Tuesday. JPMorgan Chase & Co. boosted their price objective on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, June 13th. B. Riley assumed coverage on Cleanspark in a research note on Tuesday, July 1st. They issued a "buy" rating and a $16.00 price objective on the stock. Finally, BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleanspark presently has an average rating of "Buy" and a consensus price target of $20.38.
View Our Latest Stock Analysis on CLSK
Cleanspark Price Performance
The firm has a market capitalization of $3.27 billion, a PE ratio of -12.14 and a beta of 4.23. The firm has a fifty day moving average price of $9.64 and a 200 day moving average price of $9.32.
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). The business had revenue of $181.71 million during 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 firm's revenue was up 62.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 earnings per share. On average, sell-side analysts expect that Cleanspark, Inc. will post 0.58 EPS for the current year.
Insider Transactions at Cleanspark
In related news, Director Roger Paul Beynon sold 50,000 shares of the 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 approximately $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.65% of the company's stock.
Institutional Investors Weigh In On Cleanspark
Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake 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 acquiring an additional 4,489,866 shares in the last quarter. Geode Capital Management LLC increased its position in Cleanspark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after purchasing an additional 353,807 shares during the last quarter. Invesco Ltd. increased its position in Cleanspark by 20.5% in the 1st quarter. Invesco Ltd. now owns 3,597,402 shares of the company's stock worth $24,175,000 after purchasing an additional 613,040 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Cleanspark by 26.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock worth $20,951,000 after purchasing an additional 652,811 shares during the last quarter. Finally, Northern Trust Corp increased its position in Cleanspark by 16.0% in the 1st quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock worth $18,864,000 after purchasing an additional 388,021 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.
About Cleanspark
(
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.
See Also
Before you consider Cleanspark, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cleanspark wasn't on the list.
While Cleanspark currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
