CleanSpark (NASDAQ:CLSK) Trading Down 6.4% - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares were down 6.4% during mid-day trading on Wednesday . The company traded as low as $9.21 and last traded at $9.23. Approximately 7,640,097 shares were traded during trading, a decline of 73% from the average daily volume of 28,225,193 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CLSK shares. HC Wainwright restated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Chardan Capital started coverage on shares of CleanSpark in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark currently has an average rating of "Buy" and a consensus price target of $20.71.

CleanSpark Price Performance

The stock's 50 day simple moving average is $8.35 and its 200-day simple moving average is $10.10. The company has a market capitalization of $2.60 billion, a PE ratio of 84.05 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The business had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The firm'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 predict that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In related news, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction that occurred 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 sale, the director now directly owns 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the sale, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in CleanSpark by 22.8% during the first 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 during the last quarter. Geode Capital Management LLC raised its position in shares of CleanSpark by 5.7% during 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. raised its position in shares of CleanSpark by 20.5% during 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. lifted its stake 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 valued at $20,951,000 after buying an additional 652,811 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in CleanSpark by 16.0% during the 1st quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock valued at $18,864,000 after buying an additional 388,021 shares during the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.