Cleanspark (NASDAQ:CLSK) Trading Down 11.7% - Here's Why

Key Points

• Cleanspark, Inc. (NASDAQ: CLSK) shares fell by 11.7% to $16.58, with trading volume down by 16% from average levels.
• Despite recent stock declines, several analysts have upgraded Cleanspark's price target, with a consensus rating of "Moderate Buy" and an average price target of $22.83.
• The company reported a 90.8% increase in revenue year-over-year for the last quarter, with net earnings significantly exceeding analysts' expectations.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) traded down 11.7% during mid-day trading on Wednesday . The stock traded as low as $16.64 and last traded at $16.58. 22,433,957 shares were traded during trading, a decline of 16% from the average session volume of 26,678,809 shares. The stock had previously closed at $18.77.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Macquarie raised their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Needham & Company LLC raised their price target on Cleanspark from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, October 10th. Chardan Capital raised their price target on Cleanspark from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, October 13th. Cantor Fitzgerald raised their price target on Cleanspark from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Monday, October 6th. Finally, Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cleanspark has a consensus rating of "Moderate Buy" and an average price target of $22.83.

Cleanspark Price Performance

The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 19.84 and a beta of 3.88. The stock's 50-day moving average is $13.26 and its 200 day moving average is $11.04.

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

Insider Activity

In other news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Cleanspark during the 1st quarter worth approximately $8,109,000. Public Sector Pension Investment Board acquired a new position in shares of Cleanspark during the 1st quarter worth approximately $5,925,000. Rhumbline Advisers raised its position in shares of Cleanspark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock worth $4,844,000 after purchasing an additional 386,809 shares during the last quarter. Swiss National Bank raised its position in shares of Cleanspark by 13.8% during the 1st quarter. Swiss National Bank now owns 566,800 shares of the company's stock worth $3,809,000 after purchasing an additional 68,900 shares during the last quarter. Finally, Mutual of America Capital Management LLC acquired a new position in shares of Cleanspark during the 1st quarter worth approximately $272,000. 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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