Cleanspark (NASDAQ:CLSK) COO Taylor Monnig Sells 3,335 Shares of Company Stock

Key Points

• CleanSpark COO Taylor Monnig sold 3,335 shares at an average price of $12.33, generating approximately $41,121. He retained 336,810 shares valued at about $4.15 million, and has made several additional sales recently.
• CleanSpark shares fell 2.8% to $12.52, while the company’s latest quarterly results missed expectations: adjusted EPS was $(0.89) versus estimates of $(0.47), and revenue declined 30.5% year over year to $138.01 million.
• Despite the weak results, analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $23.88. Institutional investors own 43.12% of the stock.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) COO Taylor Monnig sold 3,335 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $12.33, for a total transaction of $41,120.55. Following the transaction, the chief operating officer directly owned 336,810 shares of the company's stock, valued at approximately $4,152,867.30. This trade represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Taylor Monnig also recently made the following trade(s):

• On Tuesday, September 8th, Taylor Monnig sold 25,249 shares of Cleanspark stock. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66.
• On Friday, September 4th, Taylor Monnig sold 4,513 shares of Cleanspark stock. The stock was sold at an average price of $12.61, for a total transaction of $56,908.93.
• On Friday, August 14th, Taylor Monnig sold 54 shares of Cleanspark stock. The stock was sold at an average price of $11.51, for a total transaction of $621.54.

Cleanspark Trading Down 2.8%

Cleanspark stock traded down $0.36 during trading on Thursday, hitting $12.52. The company had a trading volume of 18,626,999 shares, compared to its average volume of 16,654,195. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -3.32 and a beta of 3.84. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark, Inc. has a 1-year low of $8.00 and a 1-year high of $23.61. The company's 50 day simple moving average is $12.94 and its 200-day simple moving average is $13.25.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The firm's revenue for the quarter was down 30.5% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. As a group, analysts expect that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC purchased a new position in shares of Cleanspark in the 2nd quarter valued at about $188,000. WINTON GROUP Ltd raised its holdings in Cleanspark by 58.2% in the second quarter. WINTON GROUP Ltd now owns 115,834 shares of the company's stock valued at $1,685,000 after acquiring an additional 42,634 shares in the last quarter. Engineers Gate Manager LP raised its holdings in Cleanspark by 111.2% in the second quarter. Engineers Gate Manager LP now owns 40,697 shares of the company's stock valued at $592,000 after acquiring an additional 21,426 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Cleanspark in the second quarter worth approximately $179,000. Finally, NewEdge Advisors LLC lifted its stake in Cleanspark by 53.7% in the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company's stock worth $76,000 after acquiring an additional 1,822 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CLSK has been the subject of several research reports. Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 target price for the company. B. Riley Financial increased their price target on shares of Cleanspark from $19.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. HC Wainwright reissued a "buy" rating on shares of Cleanspark in a research note on Friday, August 7th. Needham & Company LLC lifted their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Finally, Zacks Research raised shares of Cleanspark from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $23.88.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.

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