CleanSpark (NASDAQ:CLSK) Trading Down 5.4%

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price dropped 5.4% during mid-day trading on Tuesday . The company traded as low as $17.10 and last traded at $17.14. Approximately 4,834,918 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 34,273,766 shares. The stock had previously closed at $18.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their target price on CleanSpark from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. Chardan Capital lifted their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. Cantor Fitzgerald boosted their target price on shares of CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. BTIG Research raised their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 19th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a report on Monday, April 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, CleanSpark has a consensus rating of "Moderate Buy" and a consensus price target of $19.22.

CleanSpark Trading Down 9.6 %

The business's 50-day simple moving average is $17.80 and its two-hundred day simple moving average is $11.52.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The business had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. On average, sell-side analysts expect that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Roger Paul Beynon sold 10,976 shares of the company's stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the transaction, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Zachary Bradford sold 443,000 shares of the firm'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 sale, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,169,620 shares of company stock valued at $24,963,509. Company insiders own 3.46% of the company's stock.

Hedge Funds Weigh In On CleanSpark

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company's stock worth $93,032,000 after purchasing an additional 3,235,171 shares during the period. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after buying an additional 515,314 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of CleanSpark by 119.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company's stock worth $19,384,000 after buying an additional 957,372 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of CleanSpark by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company's stock valued at $15,217,000 after acquiring an additional 142,078 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in CleanSpark by 39.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company's stock valued at $4,573,000 after acquiring an additional 338,190 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.