Cleanspark (NASDAQ:CLSK) Trading Down 5.3% - Should You Sell?

Key Points

• Cleanspark shares declined 5.3% during trading, falling to a last traded price of $12.90, with a significant drop in volume to 16,973,362 shares, down 32% from the average daily volume.
• Despite the stock's performance, several brokerages have maintained a consensus Buy rating and set price targets averaging around $20.47, indicating potential for future growth.
• The company reported a 90.8% increase in revenue year-over-year, with earnings per share of $0.78, significantly beating the estimate of $0.07.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares were down 5.3% during trading on Monday . The company traded as low as $12.51 and last traded at $12.90. Approximately 16,973,362 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 24,919,281 shares. The stock had previously closed at $13.62.

Analyst Ratings Changes

A number of brokerages have issued reports on CLSK. LADENBURG THALM/SH SH initiated coverage on Cleanspark in a research note on Monday, July 28th. They set a "buy" rating and a $20.25 price objective for the company. B. Riley upped their price objective on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note 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 note on Friday, August 8th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Monday, September 8th. Ten research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cleanspark presently has a consensus rating of "Buy" and a consensus price target of $20.47.

Cleanspark Stock Performance

The stock has a 50 day simple moving average of $10.73 and a two-hundred day simple moving average of $9.60. The firm has a market cap of $3.86 billion, a PE ratio of 16.16 and a beta of 3.65.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results 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. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. During the same quarter in the previous year, the business earned ($1.03) EPS. Cleanspark's revenue for the quarter was up 90.8% compared to the same quarter last year. Equities research analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cleanspark

Several large investors have recently bought and sold shares of CLSK. Neuberger Berman Group LLC boosted its stake in Cleanspark by 374.3% in the second quarter. Neuberger Berman Group LLC now owns 50,120 shares of the company's stock valued at $553,000 after acquiring an additional 39,553 shares in the last quarter. Marex Group plc purchased a new position in Cleanspark in the second quarter valued at about $247,000. Public Sector Pension Investment Board increased its holdings in Cleanspark by 7.6% in the second quarter. Public Sector Pension Investment Board now owns 948,234 shares of the company's stock valued at $10,459,000 after buying an additional 66,571 shares in the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Cleanspark during the 2nd quarter worth approximately $222,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Cleanspark by 248.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 39,093 shares of the company's stock worth $431,000 after purchasing an additional 27,883 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company's stock.

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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