CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price was down 7.4% on Tuesday . The stock traded as low as $16.71 and last traded at $17.21. Approximately 13,797,887 shares changed hands during trading, a decline of 61% from the average daily volume of 35,659,938 shares. The stock had previously closed at $18.58.
Wall Street Analyst Weigh In
Several analysts recently commented on CLSK shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $8.00 price target (down previously from $9.00) on shares of CleanSpark in a research note on Friday, December 8th. BTIG Research boosted their price target on CleanSpark from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, March 19th. Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. Chardan Capital boosted their price objective on CleanSpark from $13.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, March 4th. Finally, TheStreet raised CleanSpark from a "d" rating to a "c-" rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, CleanSpark has a consensus rating of "Moderate Buy" and an average price target of $18.05.
View Our Latest Report on CLSK
CleanSpark Stock Performance
The business has a 50-day moving average price of $15.77 and a two-hundred day moving average price of $9.80.
CleanSpark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.26. The company had revenue of $73.79 million during the quarter, compared to the consensus estimate of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. On average, research analysts forecast that CleanSpark, Inc. will post -0.3 EPS for the current year.
Insider Transactions at CleanSpark
In related news, Chairman S. Matthew Schultz sold 367,000 shares of the company's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman S. Matthew Schultz sold 367,000 shares of the company's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the company's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares of the company's stock, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock worth $24,963,509 over the last 90 days. 3.46% of the stock is owned by insiders.
Institutional Investors Weigh In On CleanSpark
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank acquired a new position in CleanSpark in the third quarter valued at about $897,000. Versor Investments LP acquired a new position in CleanSpark in the third quarter valued at about $453,000. Scotia Capital Inc. acquired a new position in CleanSpark in the third quarter valued at about $39,000. Charles Schwab Investment Management Inc. grew its stake in CleanSpark by 273.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company's stock valued at $4,715,000 after acquiring an additional 905,993 shares during the period. Finally, Algert Global LLC acquired a new position in CleanSpark in the third quarter valued at about $325,000. Institutional investors own 43.12% of the company's stock.
CleanSpark Company Profile
(
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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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